Umicore, Belgian-based global materials technology and recycling group has concluded a €125 million loan agreement with the European Investment Bank (EIB). The proceeds of the loan, which has a maturity of eight years, will finance part of Umicore’s investment in the cathode materials plant in Nysa, Poland. Once completed, this greenfield plant will supply the European operations of Umicore’s global battery cell and automotive customers.

 

The EIB loan will cover approximately half of the project costs in the initial phase. Around 350 full time jobs will be created, and Umicore will partner with the local engineering school. The greenfield facility will provide a reliable supply of advanced cathode materials, a key component for lithium-ion battery cell manufacturers in the region and worldwide.

 

Teresa Czerwińska, EIB Vice-President overseeing operations in Poland, 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 electric vehicle battery production”. Teresa Czerwińska added: “In March this year, the EIB signed a €480 million loan with LG-Chem Wroclaw Energy. We are playing an active role in creating the right ecosystem, in which manufacturers and suppliers work hand in hand, create qualified jobs and team up with nearby universities”.  

 

Filip Platteeuw, CFO of Umicore, commented: “The transition to cleaner mobility is a priority in the European Union’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 and we are proud that our greenfield site in Poland has been selected by the EIB as part of its clean mobility projects.