New Delhi
Sumitomo Metal
Mining Co Ltd, Japan's biggest nickel smelter, announced its plan to invest
$424 million to boost the production capacity of cathode materials for
rechargeable batteries that are used in electric vehicles (EVs).
Sumitomo will
build a new plant of nickel-based cathode materials in Besshi, Ehime prefecture
in western Japan. It will also expand the production capacity of precursor
material at its Harima refinery in Hyogo prefecture in western Japan. The
company aims to complete the work in 2025.
The company,
which produces cathode materials of about 5,000 tonnes now, aims to boost its
capacity to about 7,000 tonnes a month in 2025 and to 10,000 tonnes a month in
2027. Sumitomo is known for supplying nickel-based cathode materials for
Panasonic Corp's lithium-ion batteries, used in Tesla Inc EVs.
Nickel is a key
component in lithium-ion rechargeable batteries that used
to power EVs. Sales of EVs are expected to soar as the world moves towards a
low-carbon future.
Source – ET Auto
Image Source: Pixabay
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