The value of the investment in the cathode active material factory planned for the Keltakallio industrial area in Kotka would be around 770 million euros in the first phase.
Finland The battery factory project of the state-owned Suomen Malmijalostu and the Chinese company Beijing Easpring in Kotka is progressing. Malminjalostus and Beijing Easpring announced on Friday that they are establishing a joint venture, of which Beijing Easpring owns 70 percent and Suomen Malmijalostus 30 percent.
The purpose is to establish a CAM factory producing cathode active material in the Keltakallio industrial area of Kotka. The value of the investment is approximately EUR 774 million in the first phase. It is intended to produce cathode material annually for the needs of more than 750,000 fully electric cars. It is possible to increase the capacity in the future.
The factory would employ approximately 360 people.
The factory project will next move to a more detailed project planning and approval phase. The purpose is to apply for a building and environmental permit for the factory, among other things.
The preparatory work for the project in the area already started at the end of 2021. CEO of Suomen Malminjalosto Matti Hietanen says that the construction of the factory is scheduled to start in 2024 and production in 2027.
Founded in 2001, Beijing Easpring is a developer, manufacturer and supplier of cathode materials for lithium-ion batteries. The company was listed on the Shenzhen Stock Exchange in 2010.