Specialty minerals company ICL has signed a joint venture agreement with Chinese battery metals producer Shenzhen Dynanonic to establish lithium iron phosphate (LFP) cathode active material (CAM) production in Europe.

The JV will have an initial investment of approximately €285 million. A new facility at ICL’s site in Sallent, Spain is currently in the planning stages and will expand the company’s battery materials business.

ICL previously produced potash at the site and will repurpose the 25 acres of available land. There is an option to further expand the site, which is in proximity to planned LFP battery plants in Europe. ICL will have an 80% share in the facility.

“This JV aligns with Dynanonic and ICL’s goals and leverages each of our strengths, as we seek to jointly benefit from the development of the lithium-ion battery industry in Europe,” said WangBao Ren, VP of Dynanonic. “Establishing the project in Spain expands our presence in the European market, while ensuring proximity to customers.”

Source: ICL