EIB lends Umicore €125 million to go towards cathode plant in Poland

EIB lends Umicore €125 million to go towards cathode plant in Poland

EIB lends Umicore €125 million to go towards cathode plant in Poland 150 150 Energy Storage Journal

June 26, 2020: Materials technology and recycling group Umicore said a €125 million ($142 million) loan from the European Investment Bank in June will partly pay for its investment in a cathode materials plant in Nysa, Poland.

The loan will cover around half of the costs of the initial phase of the project, which will supply advanced cathode materials for advanced lithium battery cell manufacturers.

“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,” said CFO Filip Platteeuw.

“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.”

On June 15, the company launched a €500 million ($570 million) offering of senior unsecured convertible bonds due in 2025.