Ownership base of the Kotka battery material plant expands

Finnish Minerals Group (FMG) and LG Energy Solution have agreed on an ownership arrangement whereby LG Energy Solution will become a shareholder in Easpring Finland New Materials, the company building a CAM battery material plant in Kotka. The purchase price for the shares to be sold under the arrangement is the same as the price FMG previously paid for them.

Following the arrangement, FMG will own 28.3% of Easpring Finland New Materials and LG Energy Solution 1.7%. Beijing Easpring Material Technology’s ownership stake will remain unchanged at 70%.

“LG Energy Solution’s shareholding demonstrates the commitment of a key customer to the Kotka CAM project and, at the same time, to building the European battery value chain. It is great to have one of the world’s most advanced battery industry players become an owner of the Kotka battery material plant,” says Matti Hietanen, CEO of FMG.

The CAM plant under construction in Kotka is a significant part of the Finnish and European battery value chain. It will produce cathode active material for customers like LG Energy Solution, to be used at its battery cell facility in Wrocław, Poland – the largest in Europe.

Further information:

Matti Hietanen, CEO, Finnish Minerals Group Oy
firstname.lastname(at)mineralsgroup.fi, +358 40 823 8806

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. Through our work, we contribute to Europe moving towards electric transport and a more sustainable future. www.mineralsgroup.fi