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New expert report: Battery value chain to generate highly significant economic benefits for Finland

The goal of Finnish Minerals Group, FMG, is to drive investments in the different stages of the lithium-ion battery manufacturing value chain in Finland. FMG commissioned consultancy company Ramboll Finland to evaluate the effects of the investments currently under negotiations to Finnish society.


8. May 2019

The evaluation examined the economic effects of investments to production of precursor and cathode materials as well as to battery cells, both during the construction stage and during the lifetime of the investments. The results show the benefits to be highly significant.

According to the report, investments in the production of precursor and cathode materials as well as production of battery cells would increase gross domestic product of Finland during the construction stage by approximately 0.2 percent from 2018 GDP of Finland. Annual growth of the GPD during the use of the investments, i.e. the production of cathode materials and battery cells, would total EUR 1.3 billion, which is equivalent to 0.56 percent of 2018 GDP of Finland.


Contributing to the goal of carbon-neutral transport sector and increased penetration of electric vehicles, the construction stage of the value chain would result in work totaling 5,900 person-years, while the use stage would total 9,100 person-years of work. Annual tax revenue would total EUR 180 million during the construction stage and EUR 500 million during the actual operation.


The multiplier effects would extend to different industries on a wide scale, and the development of the battery value chain would help create new industrial activity of high added value in Finland.


The report concludes that production involving a high degree of processing, such as the manufacturing of precursor and cathode materials as well as battery cells, would result in particularly significant economic benefits for Finland.

Read more about Ramboll’s report here (in Finnish).



Matti Hietanen, CEO, Finnish Minerals Group

+358 40 8238806


8. May 2019