Umicore FIRST LOOK: Silicon-anodes JV with HS Hyosung Advance Materials
After more than a decade of R&D efforts on developing silicon carbon composite anode materials for EV batteries, Umicore now believes its technology is ready for industrialization & commercialization and has announced its intention to create a JV with HS Hyosung Advanced Materials. Umicore will retain a minority stake in the JV, which will allow the group to limit expenditure for the roll-out of its anode technology. This approach is very much in sync with the approach taken for the cathode active materials business. It is hard to estimate the potential success of Umicore's technology and the JV at this stage, which is not yet included in our estimates. Talking into account the solid recent metal price environment (precious metals & PGMs) which can offer additional support to the group's earnings momentum, although the vast majority of the exposure is hedged, we maintain our Accumulate rating for now.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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