Two leading European banks are promoting the electric car industry with an investment in a new plant in central Poland run by global chemicals and sustainable technologies group Johnson Matthey.
The joint financing comprises a EUR 90 million loan from the European Bank for Reconstruction and Development and a EUR 45 million loan from KfW IPEX-Bank, the EBRD said in a statement.
Johnson Matthey will use the factory in Konin, in central Poland, to produce cathode materials for electric car batteries.
The plant will become the worldʼs first production site of the companyʼs branded eLNO, a portfolio of ultra-high energy density next-generation cathode battery materials. These are expected to improve the performance of lithium-ion batteries and help promote electric vehicle usage on a larger scale.
The production capacity in Konin will be 10,000 tonnes of eLNO per year, enough for around 100,000 fully electric vehicles (EV). In addition, the site, which will start production in 2022, has the potential to expand tenfold through further investment. Construction of the plant began this year.