Finnish companies considers construction of anode material factory
Finnish Minerals Group and Epsilon Advanced Materials are looking into building a production plant for almost 50,000 tons of anode material per year in Vaasa, Finland. A feasibility study to analyze the economic and technical feasibility will be launched shortly.
According to the announcement, Epsilon has already identified a suitable site for the project in the GigaVaasa industrial area in the Finnish port city. As the two companies state in the letter of intent now signed, they intend to submit the relevant applications to the coordinating authority in early 2023.
The feasibility study is based on two planned expansion stages: Initially, anode material production is planned, which corresponds to the production of 10 GWh of finished lithium-ion batteries. In the second phase, production is to be expanded to the equivalent of 50 GWh of batteries.
There are no further details on the planned production at this stage. In the announcement, Finnish Minerals Group does not specify what type of anodes will be involved or where the raw materials will come from that the companies plan to process in Vaasa.
There is already a potential customer for this: the Norwegian company Freyr had signed a letter of intent with Finnish Minerals Group in August 2021 for the construction of a battery cell factory in Vaasa and started preparatory work for this in May 2022.
“By partnering with Epsilon, we are set to be among the first in Europe to launch a project to produce anode materials for lithium-ion batteries. Our cooperation with Epsilon on anode materials will be an excellent complement to Finnish Minerals Group’s previously launched cathode materials projects,” says Vesa Koivisto, Senior Vice President, Battery Value Chain at Finnish Minerals Group.