Finnish Minerals Group and Beijing Easpring has agreed on a joint venture to establish a production facility for cathode materials. The production will be set up in the Finnish city of Kotka, where Finnish Minerals Group will also be building a battery cell factory.
Beijing Easpring is a manufacturer of cathode materials for lithium-ion batteries. The company was founded in 2001 with three production sites in China. Beijing Easpring is to own 70% of the factory, while Finnish Minerals Group will own the remaining 30%.
According to Finnish Minerals, bulldozers are already in operation, though permits are still to be obtained.
The Finnish company says the initial investment is expected to be around 774 million euros. Production capacity should meet the cathode material needs of more than 750,000 electric vehicles per year.
“I am very happy that our work with Beijing Easpring will continue in the form of a joint venture,” says Matti Hietanen, CEO of Finnish Minerals Group.
Beijing Easpring also sees the joint venture as being an important part of its expansion strategy.
“As the first Chinese cathode materials company to build a plant in Europe, we will maximize Finland’s location- and resource advantages. We will accelerate production capacity, energize the European EVB value chain and contribute to the growth of global green and low-carbon economy,” says Chen Yanbin, General Manager of Beijing Easpring.