According to Yahoo Finance, on January 16, ICL and Shenzhen Dynanonic Co., Ltd. have signed a joint venture (JV) agreement to establish a lithium iron phosphate (LFP) cathode active material (CAM) production facility in Sallent, Spain. This initial investment of approximately €285 million marks a significant expansion in Europe’s battery supply chain.The project will repurpose a 25-acre former potash production site at ICL’s Sallent location, approximately 60 miles from the Port of Barcelona, with convenient rail access and proximity to planned LFP battery plants across Europe. ICL will hold an 80% stake in the venture, which remains subject to regulatory approvals and final investment decisions.
According to Isaac Chan, a partner in Roland Berger’s automotive practice., LFP’s share of lithium-ion batteries in Europe is projected to more than double, reaching 35% by 2030. Dynanonic has proprietary nano-lithium iron phosphate technology, backed by over 100 patents and 20 certifications, ensuring the production of safer, more efficient battery materials. The site in Sallent will also enhance ICL’s commitment to sustainability by revitalizing previously used industrial land for new energy applications.
ICL, with 2023 revenues of $7.5 billion and a global workforce of over 12,000 employees, continues to strengthen its position in sustainable solutions across food, agriculture, and industrial markets. Meanwhile, Dynanonic’s 2023 production of 213,400 metric tons of lithium phosphate materials solidifies its role as a leader in the battery materials industry. Once operational, this collaboration is expected to contribute significantly to Europe’s sustainable battery material production.
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