ICL announced on January 16, 2025, a joint venture agreement with Shenzhen Dynanonic Co., Ltd. to establish lithium iron phosphate (LFP) cathode active material (CAM) production in Europe. The initial investment for this project is approximately €285 million, marking a significant expansion into the battery materials business.
A new facility is planned at ICL's Sallent, Spain, site, leveraging ICL's existing upstream position in specialty phosphates and Dynanonic's expertise as a leading battery materials producer. This initiative is strategically aligned to meet the growing demand for LFP, a critical solution for Europe's energy transition.
ICL's share in the Spanish facility will be 80%, with the site offering potential for further expansion and proximity to planned LFP battery plants in Europe. This venture aims to develop high-quality solutions for sustainable supply chains in the Western Hemisphere, targeting both stationary energy storage and electric vehicle markets.
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