Finland’s battery industry plans to invest more than EUR 6 billion in the coming years, a new industry association reported. Akkuteollisuus ry – Finnish Battery Industries, a newly created body, expects thousands of new jobs in line with industry expansion, adding that turnover is expected to reach EUR 9 billion per year by 2027.
The group comprises nine companies: Finnish Minerals Group (Suomen Malmijalostus), Terrafame, Umicore Finland, Jervois Finland, Norilsk Nickel Harjavalta, Fortum Battery Recycling, BASF Battery Materials Finland, Keliber and CNGR Finland.
The battery industry is a fast-growing sector in Finland, the group says, and several large-scale battery projects are already in progress around the country.
German chemical giant BASF is building a battery materials factory in the country, with a view to supplying 400,000 electric vehicles per year with a key component.
Norilsk Nickel Harjavalta, a top supplier of raw materials for the battery industry such as nickel sulfate and cobalt sulfate, is expanding production to meet Europe’s growing demand. The refinery, owned by Russian group Nornickel, plans to increase nickel production from 60,000 tonnes per year currently to 100,000 tonnes by 2026.
Finnish Fortum is also about to open a new battery material recycling plant in Harjavalta which will significantly support the existing Finnish and European battery manufacturing ecosystems.
“The electrification of society and the national battery strategy will boost investment in Finland, which is also home to the most important minerals for the battery industry. In addition, Finland has renewable energy and world-class expertise to offer. For example, Finland is home to the world’s largest battery chemicals plant,” the group said.
According to the association, the numerous projects and the modern mining activity required for battery production will give Finland a much-needed boost to economic growth and strengthen European industrial autonomy.
Over the next four years, the group claims that the battery sector will employ 6,000 people directly and 20,000 indirectly.