Finland to Build €800 Million Battery Materials Plant in Kotka with Chinese Partner
Finland's state-owned Finnish Minerals Group will co-develop a battery materials factory in Kotka valued at €800 million (approximately $872 million), the company announced. The plant will be constructed by Easpring Finland New Materials, a joint venture in which China's Beijing Easpring Material Technology holds a 70% stake and the Finnish Minerals Group owns the remaining 30%.
The Finnish government will contribute €100 million ($109 million) in capital, while additional funding is expected through external loans and the Clean Transition Industrial Investment Support Program. Construction is scheduled to begin in spring 2025, with commercial production planned to start in 2027.
The facility will produce Cathode Active Material (CAM), a key component in lithium-ion batteries used in electric vehicles and energy storage. The project is expected to directly employ around 270 people in its initial phase.
The Kotka plant marks a significant step in Finland’s efforts to develop a domestic battery value chain and reduce reliance on imported components. The Finnish Minerals Group described the venture as a milestone for the country’s emerging battery industry and one of the most advanced projects of its kind in Europe.
