New investments to benefit Finland’s battery cluster

Building a battery cluster in Finland continues successfully through the measures included in the Battery Strategy and the recent capitalisation of Finnish Minerals Group.

“Good news on Finland’s battery cluster continues, with the planned large investment in Vaasa and the earlier news about Finnish Minerals Group’s plan to construct a precursor materials plant. Finnish expertise and a stable investment environment support development based on the national Battery Strategy and investments to Finland,” says Minister of Employment Tuula Haatainen. 

“The planned investment shows that Finland is an encouraging environment for projects in the battery sector. The investment is partly a result of long-term efforts to support the Finnish battery industry and to attract investments. At the same time, the recent developments underline the importance of the new Battery Strategy in clarifying future prospects. The Strategy focuses on the availability and processing of raw materials resourced responsibly and the production and research activities related to battery materials and recycling. These investments, which are also important for regional economies, will undoubtedly fuel other new investments to Finland,” says Minister of Economic Affairs Mika Lintilä.

Finnish Minerals Group announced on 19 April 2021 that it plans to invest in a cathode materials plant planned for Vaasa. Johnson Matthey, a UK-listed chemicals company, will collaborate with Finnish Minerals Group and lead the investment in the plant.  

State capitalisation to support investments

The budget for 2021 includes additional funding of EUR 300 million for Finnish Minerals Group to promote investments for the production of precursor and cathode active materials used in lithium-ion batteries in Finland.

“The purpose of the capitalisation was specifically to find partners for future investments. This news on the investment shows that the decision was right,” Haatainen adds.

Battery Strategy shows the way for growth

The National Battery Strategy was published in January 2021. The Strategy identifies a number of Finland’s strengths that support the success of the battery industry and electrification. 

Inquiries:
Timo Nevaranta, Special Adviser to the Minister of Employment, tel. +358 50 340 9483 
Antti Siika-aho, Special Adviser to the Minister of Economic Affairs, tel. +358 50 575 4118
Jyrki Alkio, Chief Specialist, Ministry of Economic Affairs and Employment, tel. +358 29 504 7103