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Umicore Expands Cathode Production for Lithium-Ion Batteries
Belgium’s Umicore NV is investing €300 million ($328 million) through 2019 to increase production of nickel-manganese-cobalt (NMC) cathode materials for lithium-ion batteries used in hybrid and electric vehicles.
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Belgium’s Umicore NV is investing €300 million ($328 million) through 2019 to increase production of nickel-manganese-cobalt (NMC) cathode materials for lithium-ion batteries used in hybrid and electric vehicles.
Combined with the €160 million ($175 million) investment announced last year, the initiative will yield a six-fold increase in Umicore’s production capacity by 2020 compared with 2015 levels. The latest investment will go toward Umicore’s facilities in Cheonan, South Korea, and Jiangmen, China, with new production lines due to be commissioned there in late 2018.
Umicore says demand for its NMC materials is outpacing the market by a “significant” margin. The company supplies materials used in 15 electrified car models on the market today. The investment also will help Umicore meet growing demand for its high-energy lithium cobalt oxide cathode materials used in high-end consumer electronics.
Umicore has three business groups: Catalysis, Energy & Surface Technologies and Recycling. The Group generated sales of €11.1 billion $12.1 billion) in 2016.
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