In late 2021, Finnish Minerals Group and technology company CNGR Advanced Material announced their plan to establish a new joint venture company to build a pCAM plant that will produce precursor material in Hamina. (Earlier post.) Now, the joint venture has been founded and given the name CNGR Finland Oy.
CNGR Advanced Material owns 60% and Finnish Minerals Group 40% of the new company.
The joint venture company is an important step towards the implementation of the pCAM plant in Hamina. The plant is an essential part of building a battery value chain in Europe, and it helps to curb the CO2 emissions.—Vesa Koivisto, SVP, Battery Operations at Finnish Minerals Group
Europe currently produces less than 7% of lithium-ion battery cells globally, and as demand grows, production is expected to rise to 15% over the next 10 years. The production of cells requires precursor cathode active material that is not yet produced in Europe.