Materials technology specialist Umicore plans to invest €300 million ($328 million) between 2017 and 2019 to further increase its production of nickel-manganese-cobalt (NMC) cathode materials.
NMC is one of the most popular cathode materials for EV batteries, and global demand is increasing fast. The increased capacity will enable Umicore to respond to a surge in customer orders.
This program includes further investments in Cheonan, South Korea, and Jiangmen, China. The first new production lines are to be commissioned in late 2018. Combined with a €160-million investment announced last year, Umicore will be increasing its total capacity six-fold by 2020 compared to 2015.
“The scale and scope of the investments underscore Umicore’s leadership in clean mobility materials and our commitment to support the rapid growth of our customers,” said Marc Grynberg, CEO of Umicore.