Umicore concludes € 350 million EIB loan to support its European research and innovation in EV battery materials
Umicore concludes € 350 million EIB loan to support its European research and innovation in EV battery materials
Umicore has concluded a € 350 million, eight-year-maturity loan with the European Investment Bank (EIB). The proceeds will be dedicated to fund part of Umicore’s European research, development and innovation (RDI) in rechargeable battery materials technologies for electric vehicles (EV) and the recycling of EV batteries.
Umicore’s battery materials technologies, its innovation roadmap and its complete battery materials supply chain that spans refining, the production of both precursor materials and cathode active materials and their recycling, are key contributors to the transition to cleaner mobility and the European Union’s Green Deal ambitions. The loan benefits from competitive financing conditions offered by EIB and follows a € 125 million loan that the EIB had granted to Umicore in 2020 to help finance Europe’s first production facility for cathode active materials for EVs in Poland.
The EIB is committed to supporting the development of Europe’s industrial production capacity across the full value chain of EV battery production. The loan, signed on the sidelines of the EIB Group Forum in Luxembourg*, is part of the EU bank’s pledge to commit an additional €45 billion in financing to boost European manufacturing in state-of-the-art strategic net-zero technologies.
“Umicore is proud to have secured the EIB’s support for a second time, this time underscoring our long-standing experience and knowledge in battery materials science and technologies. Our leadership and know-how in battery materials foster Europe’s innovation edge and competitiveness amid the worldwide energy transition. This loan further strengthens our balance sheet via long-term funding at attractive conditions and our innovation power in this high-tech industry.”
Mathias Miedreich, Umicore’s Chief Executive Officer
“In support of the European Green Deal Industrial Plan, the EIB is dedicated to financing cutting-edge European manufacturing in strategic net-zero technologies. This loan for Umicore’s ambitious research, development and innovation programme highlights the EU bank’s important role in shaping the future of Europe's battery industry which is a key area for global competitiveness - and a sustainable and decarbonized future," said Robert de Groot, EIB Vice-President.
Umicore’s EV battery materials innovations and technologies serve the entry, mass and premium segment cars with technologies ranging from NMC (nickel, manganese and cobalt) to future HLM (high lithium manganese) and next-generation solid-state and sodium-ion battery technologies. Click here to read more. In Europe, the Group’s battery materials research centers are located in Olen, Belgium; Kokkola, Finland; Nysa, Poland; and in Hanau, Germany. Umicore recycles EV battery materials on an industrial scale in Hoboken, Belgium. In 2022, Umicore invested 316 million euros or 7.6 percent of its revenues in R&D.
The EIB has increased its backing of battery-related projects to more than €1.6 billion of financing in 2023. Over the last five years, projects of this kind financed by the EIB have totalled €2.8 billion. These operations also contribute to the goals set out in REPowerEU and the Green Deal Industrial Plan, which aim to eliminate Europe’s dependence on fossil-fuel imports and provide support for the home-grown manufacturing capacity in net-zero technologies required for a swift and just transition to climate neutrality .
*Note to editors
The EIB Group Forum is being livestreamed. This year’s topic is “European competitiveness in a polarised global context.” EIB President Nadia Calviño will open the conference at 11:00 CET on 7 February. Umicore CEO Mathias Miedreich will participate in the panel “Competitiveness and innovation in European manufacturing” at 17:25.
