Finland and Electric Vehicle Battery (EVB) production
Finland has the potential to fill the material needs of one large EVB factory. This potential translates into a key supplier position for one or two European OEMs.
It is estimated that manufacturing a fully electric vehicle with the newest battery technology requires around 8 kg of lithium, 50 kg of nickel and 7 kg of cobalt. Due to the increasing demand for electric vehicles and batteries, we can also expect the demand of important raw materials to grow substantially. At the moment, most of the cobalt used by battery producers is mined in the Democratic Republic of the Congo, while China is the largest producer of nickel and Chile is the largest producer of lithium.
Finland is the only significant European producer of raw materials for electric vehicle batteries. In fact, Finland has the potential to produce annually certain key materials for the batteries of over 500,000 vehicles, depending on the battery chemistry. This means a great opportunity to build and develop the value chain further.
Finland is an optimal partner for EVB production because of
- Secured supply of responsibly produced high-quality raw materials
- Possibility for co-investment and long term strategic partnership with state owned Finnish Minerals Group
- Politically stable operating environment
- Access to knowledgeable labor
- Strong R&D knowledge
- Good general capabilities in the chemical industry, process engineering and raw materials
- Energy with reasonable costs and a low CO2 footprint