Finnish Minerals Group and Beijing Easpring Material Technology have decided to start the construction of the CAM plant. The plant to be constructed in Kotka, Finland will produce cathode active material (CAM). The plant’s first-stage capacity will be 60,000 tonnes of cathode active material per year. The plans also include the possibility of expanding production in the future.

Modeling image of the Kotka CAM plant. Image: Finnish Minerals Group

The investment project is carried out by Easpring Finland New Materials Oy, established in 2024, of which Finnish Minerals Group owns 30% and Beijing Easpring Material Technology owns 70%.

The value of the investment project is approximately €800 million. In addition to the funding from the owners, the project will seek financing through external loans and the clean transition aid scheme for industrial investments. To implement the project, the Finnish State will capitalize Finnish Minerals Group with €100 million.

The permit authorities processed the plant’s environmental permit under the green transition priority procedure, and it became legally binding in December 2024. Approximately 80 hectares have been reserved for the project in the Keltakallio industrial area in Kotka, and a lease for the 27.8 hectares needed for the first phase was signed in January 2025.

The construction will start in the spring of 2025, and the goal is to launch commercial production in 2027.