Umicore Secures €350 Million Loan from European Investment Bank for EV Battery Technology

Umicore, the Belgian powerhouse in recycling and smelting, has struck a significant financial deal with the European Investment Bank (EIB), securing a loan of 350 million euros (approximately 56 billion yen) with an eight-year term. This strategic financial infusion is earmarked for advancing research and development in electric vehicle (EV) battery material technology and enhancing EV battery recycling capabilities.

This move underscores the EIB's commitment to bolstering the EV battery value chain within Europe, with its financing in this sector reaching €2.8 billion over the last five years. Notably, this is not Umicore's first engagement with the EIB; in 2020, the company received a €125 million loan to support the construction of a battery cathode material production facility in Poland.