Umicore FIRST LOOK: Green light on Canadian CAM plant and AESC supply deal
Umicore announced to proceed with the investment in a 35 GWh Canadian pCAM/CAM plant and has concluded a 10y supply agreement with AESC. Umicore has now secured an order book of 270 GWh by 2030, or c. 68% of the 400 GWh ambition. We maintain our viewpoint that Umicore is well placed to play an important role in the electrification of transportation as we believe that global OEMs are determined to establish local supply chains in ao Europe and North America. High manganese and solid-state technologies will in our opinion support the position of NMC-chemistries outside of China in the coming decade. Whilst CAM-related growth is the major growth driver for Umicore in the remainder of this decade, battery recycling has the potential to also become a major growth driver into the next decade, with site selection for a first industrial plant ongoing. We appreciate Umicore for the solid mid to long term growth potential and maintain our BUY rating.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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