January 17, 2025, Spain – ICL, a global specialty minerals company, has entered a joint venture with Shenzhen Dynanonic Co., Ltd. to establish lithium iron phosphate (LFP) cathode active material production in Europe. The project involves an initial investment of approximately €285 million.
The new facility, located at ICL's Sallent site, aims to enhance the company's battery materials business, focusing on sustainable supply chains. ICL will hold an 80% stake in the facility, with the option for further expansion.
Phil Brown, president of ICL's Phosphate Solutions Division, emphasized the importance of LFP technology for Europe’s energy transition, noting that the LFP share of lithium-ion batteries in Europe is projected to more than double to 35% by 2030.
The site is strategically positioned 60 miles from the Port of Barcelona, facilitating logistics to planned LFP battery plants across Europe. Preparations for construction are already underway, following necessary engineering and permitting processes.
Dynanonic, a leader in lithium-ion battery materials, will leverage this partnership to increase its presence in the European market, enhancing competitiveness and customer proximity.