Major Chinese lithium cathode material (CAM) precursor producer CNGR Advanced Material will partner with Finland's state-owned Finnish Minerals Group (FMG) to build a CAM precursor production plant in Finland, to meet robust demand from the European electric vehicle (EV) industry.
Zoomwe Hong Kong New Energy Technology, a wholly-owned subsidiary of CNGR Advanced Material, signed a shareholder agreement this week with Finnish Battery Chemicals (FBC), a wholly-owned subsidiary of FMG, to establish a joint venture named Project 1 Oy. Zoomwe Hong Kong will hold a 60pc stake in the joint venture and FBC will hold 40pc.
The joint venture will construct a facility for lithium nickel-cobalt-manganese oxide (NCM) precursor with high nickel content, with a capacity of no more than 120,000 t/yr. The first phase of 20,000 t/yr is scheduled to start production in 2024, with an investment of 200mn ($225.6mn).
Europe is the world's second largest power battery market, with demand expected to exceed 900GWh in 2030, according to research institute Roland Berger of Germany, quoted by CNGR.
"Building a NCM precursor facility in Finland is conducive to [deepening] our ties to European [original equipment manufacturers] and battery producers," CNGR said.
CNGR is the world's largest lithium-ion battery cathode precursor manufacturer, followed by Chinese firm GEM with a capacity target of 200,000 t/yr by the end of this year. CNGR's downstream buyers include Chinese lithium cathode material...
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