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EBRD and KfW IPEX-Bank support electric car industry in Poland

Press Release from 2020-08-07 / KfW IPEX-Bank

EUR 135 million financing for new Johnson Matthey plant

  • EBRD and KfW IPEX-Bank provide EUR 135 million loan for new plant in Poland
  • Facility will produce innovative materials for electric car batteries
  • Next step towards larger use of electric vehicles

Two leading European banks are promoting the electric car industry with an investment in a new plant in central Poland run by global chemicals and sustainable technologies group Johnson Matthey.

The joint financing comprises a EUR 90 million loan from the European Bank for Reconstruction and Development and a EUR 45 million loan from KfW IPEX-Bank.

Johnson Matthey will use the factory in Konin to produce cathode materials for electric car batteries. The plant will become the world’s first production site of the company’s branded eLNO®, a portfolio of ultra-high energy density next generation cathode battery materials. These are expected to improve the performance of lithium ion batteries and help promote electric vehicle usage on a larger scale.

The production capacity in Konin will be 10,000 tonnes of eLNO® per year, enough for around 100,000 fully electric vehicles. In addition, the site, which will start production in 2022, has the potential to expand tenfold through further investment. Construction of the plant began this year.

Johnson Matthey aims to make the manufacturing of its products energy efficient by using automation technology and electricity from renewable sources. The group also plans to reduce emissions from battery production to minimise the environmental impact and has committed itself to the United Nations’ Sustainable Development Goals. More broadly, as part of the Global Battery Alliance, the company is helping to make the battery value chain more sustainable.

Grzegorz Zieliński, EBRD Regional Director Central Europe and Head of Poland, comments: “We are very pleased to finance this landmark project, which marks a big step forward in making electric cars not only an environmentally friendly, but also an increasingly competitive and attractive, alternative to traditional vehicles. We also welcome the creation of new jobs and expect further positive impact from the know-how transfer associated with this important investment.”

Echoing this comment, Markus Scheer, member of the Management Board of KfW IPEX-Bank, says: “We are very pleased to contribute to the further development of innovative car batteries that support e-mobility and thus environmental and climate protection, working together with valued European partners such as the EBRD.”

Christian Günther, Chief Executive, Battery Materials at Johnson Matthey, says: “Construction of the new plant in Konin is a significant milestone in the commercialisation of our eLNO battery cathode materials. Supported by this funding, we plan to have eLNO in production on auto platforms by 2024, enabling the shift to electric vehicles and a cleaner, healthier world for us all.”

About the EBRD: The European Bank for Reconstruction and Development (EBRD) is a multilateral financial institution that supports the transition to market economies and the development of private sector-based, sustainable economies through its investment and policy engagement. The development of a green economy is one of the EBRD’s key goals. The Bank invests directly and alongside private sector investors. Early in 2020, the EBRD responded swiftly to the outbreak of the coronavirus pandemic with a dedicated Solidarity Package. Addressing unprecedented demand for its financing the Bank recorded a record result in operations in the first half-year with more than €5 billion in new commitments. For information, visit European Bank for Reconstruction and Development.

About KfW IPEX-Bank: Within KfW Group, KfW IPEX-Bank is responsible for project and export finance. It supports German and European companies operating in key industrial sectors in global markets by structuring medium and long-term financing for their exports, funding infrastructure investments, securing a raw materials supply and by financing environmental and climate protection projects worldwide. As a specialist bank, KfW IPEX-Bank has extensive industry, structuring and country expertise, it takes on leading roles in financing consortia and actively involves other banks, institutional investors and insurance firms. KfW IPEX-Bank operates as a legally independent group subsidiary and is represented in the most important economic and financial centres across the globe. For more information, visit www.kfw-ipex-bank.de/en.

About Johnson Matthey: Johnson Matthey is a global leader in science that enables a cleaner and healthier world. With over 200 years of sustained commitment to innovation and technological breakthroughs, it improves the performance, function and safety of its customers’ products. Its science has a global impact in areas such as low emission transport, pharmaceuticals, chemical processing and making the most efficient use of the planet’s natural resources. Today more than 15,000 Johnson Matthey professionals collaborate with their network of customers and partners to make a real difference to the world around us. For more information, visit www.matthey.com.

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Ms

Dela Strumpf

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