ICL in battery materials deal

ICL in battery materials deal ICL has signed a 80-20 joint venture agreement with Chinese firm Shenzhen Dynanonic to produce lithium iron phosphate (LFP) for cathode active materials at ICL’s site in Sallent, Spain. The initial investment will be about €285 million. The facility is currently in the planning stages. It will sit on a ten-hectare site where ICL previously operated a potash production site. The site has an option for further expansion and is accessible by rail to the Port of Barcelona, just under 100 km away. “The time is right to make this move, as LFP is a critical solution for the future of Europe’s energy transition,” said Phil Brown, president of ICL Phosphate Solutions. These materials are mainly used in batteries for electric vehicles. LFP is expected to double its share in the lithium-ion batteries market to 35% by 2030, according to the consultancy Roland Berger.