Umicore secures 350m euro loan for electric car battery development
Brussels-based multinational Umicore has secured a 350 million euro loan from the European Investment Bank (EIB), the two parties announced in a press release on Wednesday. The money will be used to finance the development of materials for electric car batteries.
The new loan follows a previous one issued in 2020. At that time, the EIB provided Umicore with 125 million euros for Europe's first cathode materials plant for electric vehicles in Poland. This latest loan has a repayment period of eight years.
"Our leadership and expertise in battery materials supports Europe's innovation advantage and competitiveness in the global energy transition," said Umicore CEO Mathias Miedreich. Umicore, a multinational materials technology company headquartered in Brussels, specialises in circular materials and technologies.
"Our leadership and expertise in battery materials supports Europe's innovation advantage and competitiveness in the global energy transition"
The agreement was signed at the EIB Group Forum in Luxembourg and is part of the EIB's plan to provide 45 billion euros for similar European initiatives under the Green Deal.
Last year, a joint venture called Ionway was formed between Umicore and battery manufacturer PowerCo (Volkswagen Group) to open the new production facility in Poland. Active cathode materials are the key component for electric vehicle batteries. By the end of the decade, Ionway aims to reach an annual production capacity of 160 GWh, enough for 2.2 million battery electric vehicles.
© BELGA PHOTO JASPER JACOBS
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