Umicore - Making steps forward in battery materials
• Umicore is going to build a new battery materials plant in Canada for which it will receive substantial grants and already has a long-term contract with AESC in place.• Given the grants, more JV financing and more discipline, Umicore reduces its net capex requirement for EUR 2022-2026 from EUR 5bn to EUR 3.8bn. • Positive statements, but now it is all about execution and most will only be visible as of 2026. The short-term results at Battery materials could well still be hold back by start-up costs at Nysa. We stick to Hold.Umicore is global player in the materials technology and recycling industries. Co. focuses on application areas such as chemistry, materials science, metallurgy and recycling. Co.'s business model comprises four segments: Catalysis, Performance Materials, Energy Materials and Recycling. Catalysis focuses on the abatement of global automotive emissions; Performance Materials focuses on materials that help develop more sophisticated and safer products; Energy Materials produces materials used in the production and storage of clean energy including rechargeable batteries and photovoltaics; and Recycling treats complex waste streams containing precious and other non-ferrous metals.
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