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Joint venture of Finnish Minerals Group and CNGR Advanced Material to promote the pCAM project

The parties have finalised a definitive feasibility study and decided to continue to promote the plant project.


14. December 2021

Finnish Minerals Group and technology company CNGR Advanced Material have completed the definitive feasibility study (DFS) and decided to continue their collaboration for establishing a pCAM plant in Hamina, Finland. The plant project will be managed by the partners’ joint venture company, of which CNGR Advanced Material will own 60 per cent and Finnish Minerals Group 40 per cent.

The plant capacity has been set at 20,000 tonnes a year for the initial phase. The goal is to launch production in 2024 and invest in increasing the capacity along with the production over the following years. The initial investment will be EUR 200–300 million.

“We have worked closely together with CNGR Advanced Material since 2019, and it is great to see that we can now proceed to the next phase of our work. This pCAM plant is an essential part of building a battery value chain in Europe, and it gives us an excellent opportunity to enhance the degree of processing of Finnish minerals. At the same time, the project creates a new form of economic activity in the Kymenlaakso region and Finland in general,” says CEO of Finnish Minerals Group Matti Hietanen.

“It has been our company’s strategic goal to expand our operations to Europe, and with this project, we are able to achieve that. We will bring our most advanced technology and most automated production line to Finland. With the help of our Finnish partner, we will together have the lowest carbon footprint pCAM plant in the world,” says Tony Tao, Vice President of CNGR Advanced Material.

”The City of Hamina and the Kotka-Hamina region have put a lot of work into advancing battery cluster-related projects. It is great to see the pCAM plant project of Finnish Minerals Group and CNGR Advanced Material moving forward. New process industry jobs would be especially welcome to the city and region,” says Hannu Muhonen, Mayor of the City of Hamina.

Construction of the plant to commence in summer 2022

Preliminary work in preparation for earth moving and project infrastructure has already started near the deep water port at the industrial plot reserved for the pCAM plant in Hamina. The new joint venture will also draft an environmental permit application, which is intended to be submitted during 2022. The EIA report for the production of battery materials and the coordinating authority’s reasoned conclusion on the report will be utilised to prepare the application.

“Europe does not have industrial scale production of precursor cathode active material yet, although investments in lithium-ion battery cell production have so far been reported for almost 800 gigawatt hours per year by 2030. Precursor cathode active material is nevertheless essential in the production of cathode active materials, and further in the production of battery cells that come next in the value chain. Thousands of working hours have already been spent on this project by many companies, and we can say that our work bolsters the emergence of a new form of industry in Europe,” says Vesa Koivisto, SVP, Battery Value Chain at Finnish Minerals Group.

During the initial construction phase, the investment in the plant will create a demand for labour also in other sectors than construction. After production has commenced, the plant will directly employ about 150 people, in addition to which various external service providers will be needed during operation.


More information for the media:
Matti Hietanen, CEO, Finnish Minerals Group, +358 40 823 8806, matti.hietanen(at)

Vesa Koivisto, SVP, Battery Operations, Finnish Minerals Group, +358 50 453 6322, vesa.koivisto(at)

Basic terms:
Precursor cathode active material: Preliminary stage of the cathode active material used in lithium-ion batteries. Abbreviated as pCAM.

Cathode active material – a powdery end-product used to manufacture cathodes, the most valuable part of the battery cell, in cell plants. Abbreviated as CAM.


The mission of Finnish Minerals Group is to responsibly maximise the value of Finnish minerals. We manage the State’s mining industry shareholdings and strive to develop the Finnish value chain of lithium-ion batteries. In addition, we are engaged in long-term technology development of the mining and battery industry. Through our work, we contribute to Europe moving towards electric transport and a more sustainable future.


CNGR Advanced Material Co. Ltd., a subsidiary of CNGR Holding Group Co. Ltd., was established in 2014. The company is a national enterprise technology center for intelligent and green manufacturing and a comprehensive professional service provider of lithium battery materials.


14. December 2021