Finnish Minerals and Chinese battery materials producer Beijing Easpring Material Technology have started construction of a plant in Kotka, Finland to produce cathode active material (CAM) for lithium-ion batteries.
The plant’s first-stage capacity will be 60,000 tons of CAM per year. The plan targets commercial production in 2027 and includes the possibility of expanding production in the future.
The €800 million investment project is being carried out by Easpring Finland New Materials, a joint venture established in 2024, in which Finnish Minerals owns 30% and Beijing Easpring Material Technology owns 70%.
In addition to the funding from the owners, the JV will seek financing through external loans and the clean transition aid scheme for industrial investments. The Finnish government is capitalizing Finnish Minerals with €100 million. The company manages the country’s state-owned mining industry shareholdings and is tasked with developing the Finnish lithium-ion battery supply chain.
“The Kotka CAM plant will be a state-of-the-art facility with a production process based on a high level of automation and proven technology. The basic design of the plant also provides for a situation where the market demands and technologies continue to develop and ensures that we can respond to these developments,” said Timo Strengell, SVP of Battery Value Chain at Finnish Minerals.
Source: Finnish Materials