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The cathode materials will be supplied to battery manufacturers of high-tech lithium-ion batteries that are primarily used in electric vehicles.
The loan will cover approximately half of the project costs in the initial phase, the EIB said. Umicore’s investment will create around 350 full-time jobs. The company will also partner with the local engineering school.
The fast-growing sector of electric vehicles is driven by the European Union’s ambitions to cut greenhouse gases’ emissions from transport.
“The trend towards the electrification of the automotive industry is gaining ground and in this context, it is important to develop a European capacity across the full value chain of electric vehicle battery production,” the EIB’s vice president
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