Israeli specialty minerals company ICL (TASE: ICL: NYSE: ICL) has announced it has signed a joint venture agreement with Shenzhen Dynanonic to establish lithium iron phosphate (LFP) cathode active material (CAM) production in Europe, with an initial investment of about €285 million. A new facility at ICL's Sallent site in Spain is in planning stages and will substantially expand the company’s battery materials business. The project demonstrates significant step forward for ICL's battery materials portfolio, this time into Europe.
ICL Phosphates Division president Phil Brown said, "This expansion builds on our strong, existing upstream position in specialty phosphates globally and leverages the strengths of Dynanonic, a leading producer of battery materials, to develop a significant new market for growth. The time is right to make this move, as LFP is a critical solution for the future of Europe’s energy transition. ICL is excited about this potential investment in Spain, and we are extremely enthusiastic about collaborating with Dynanonic - a valued and long-term partner."
Preparation, engineering and permits for the joint venture site in Spain, where ICL previously operated a potash production site, are expected to be followed by construction and subsequent operations. By repurposing the location ICL will revitalize 25 acres of available land, while bringing mass production of LFP to the EU via Spain. The location has an option for further expansion.
Published by Globes, Israel business news - en.globes.co.il - on January 19, 2025.
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