350 Million Euro Loan Umicore Concludes Loan to Fund European Research and Innovation in EV Battery Materials

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Umicore has concluded a 350-million-euro loan from the European Investment Bank to support European research, development and innovation in rechargeable battery materials technologies for electric vehicles EV and the recycling of EV batteries.

Brussels/Belgium – Umicore has concluded a 350 million euro, eight-year-maturity loan with the European Investment Bank (EIB). The proceeds will be dedicated to fund part of Umicore’s European research, development and innovation (RDI) in rechargeable battery materials technologies for electric vehicles (EV) and the recycling of EV batteries.

Umicore’s battery materials technologies, its innovation roadmap and its complete battery materials supply chain that spans refining, the production of both precursor materials and cathode active materials and their recycling, are key contributors to the transition to cleaner mobility and the European Union’s Green Deal ambitions. The loan benefits from competitive financing conditions offered by EIB and follows a 125-million-euro loan that the EIB had granted to Umicore in 2020 to help finance Europe’s first production facility for cathode active materials for EVs in Poland.

The EIB is committed to supporting the development of Europe’s industrial production capacity across the full value chain of EV battery production. The loan, signed on the sidelines of the EIB Group Forum in Luxembourg, is part of the EU bank’s pledge to commit an additional 45 billion euros in financing to boost European manufacturing in state-of-the-art strategic net-zero technologies.

“Umicore is proud to have secured the EIB’s support for a second time, this time underscoring our long-standing experience and knowledge in battery materials science and technologies. Our leadership and know-how in battery materials foster Europe’s innovation edge and competitiveness amid the worldwide energy transition. This loan further strengthens our balance sheet via long-term funding at attractive conditions and our innovation power in this high-tech industry,” said Mathias Miedreich, Umicore’s Chief Executive Officer.

“In support of the European Green Deal Industrial Plan, the EIB is dedicated to financing cutting-edge European manufacturing in strategic net-zero technologies. This loan for Umicore’s ambitious research, development and innovation programme highlights the EU bank’s important role in shaping the future of Europe's battery industry which is a key area for global competitiveness - and a sustainable and decarbonized future," said Robert de Groot, EIB Vice-President.

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