The European Investment Bank (EIB) has granted a €125-million loan to Umicore, the Belgian-based global materials technology and recycling group, to finance part of a greenfield production facility for cathode materials in Poland. The cathode materials will be supplied to battery manufacturers of lithium-ion batteries that are primarily used in EVs.
The EIB loan will cover approximately half of the project’s initial costs. Around 350 full-time jobs will be created, and Umicore will partner with a local engineering school. The facility will provide a reliable supply of advanced cathode materials.
EIB VP Teresa Czerwińska said, “This is the first EIB loan to Umicore and we are glad we can inaugurate our partnership with such an innovative project. The trend towards the electrification of the automotive industry is gaining ground and in this context, it is important to develop a European capacity across the full value chain of EV battery production.”
Umicore CFO Filip Platteeuw added, “The transition to cleaner mobility is a priority in the EU’s efforts to drastically reduce CO2 emissions, and Umicore is well-positioned to support this transition. Through its integrated European battery materials supply chain, Umicore will significantly contribute to the European Union’s plans to create a competitive and sustainable battery ecosystem in Europe. The development of our rechargeable battery materials activities in Europe is a strategic growth project for Umicore.”