ICL has signed a joint venture agreement with Shenzhen Dynanonic to establish production of lithium iron phosphate cathode active materials in Europe, with an initial investment of €285 million.
Israeli Specialized Metals Company ICL (level: ICL:New York Stock Exchange: ICLHuawei announced that it has signed a joint venture agreement with Shenzhen Dynanonic to establish the production of lithium iron phosphate (LFP) cathode active materials in Europe, with an initial investment of approximately EUR 285 million. A new facility at ICL’s Sallent site in Spain is in the planning stages and will significantly expand the company’s battery materials business. The project represents a significant step forward for ICL’s battery materials portfolio, this time in Europe.
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Phil Brown, Head of Phosphates at ICL, said: “This expansion builds on our existing strong position in global specialty phosphates and leverages the strengths of Dynanonic, a leading producer of battery materials, to develop an important new market for growth. The time is right. To do this The move, as LFP is a crucial solution for the future of Europe’s energy transition, ICL is excited about this potential investment in Spain, and we are very excited to collaborate with Dynanonic – a valued company and long-term partner.”
Preparation, engineering and permitting for the joint venture site in Spain, where ICL previously operated a potash production site, is expected to follow construction and subsequent operations. By reusing the site, ICL will revitalize 25 acres of available land, while bringing mass production of LFP to the EU via Spain. The site has the option to expand further.
Published by Globes, Israel Business News – en.globes.co.il – on January 19, 2025.
© Copyright Globes Publisher Itonut (1983) Ltd., 2025.
ICL Credit: NYSE