Moreover, the group has signed a memorandum of understanding with the Canadian firm, agreeing to offtake 100,000 tonnes of spodumene concentrate per year over a ten-year term.

Based in Brussels, the new joint venture, called 'Ionway', will be responsible for producing precursor and cathode active materials for lithium-ion batteries at scale.

The building will be constructed and expanded in phases up to 2030, representing a planned investment of up to EUR4.8bn, or CAD7bn.

Its subsidiary, PowerCo, will build gigafactories for EV battery cells in Sagunto, near Valencia, Spain, and in St Thomas, Ontario, Canada, to open in 2026 and 2027 respectively.

By 2030, PowerCo hopes to receive up to 40-GWh worth of critical battery materials from Umicore – enough to make batteries to supply 550,000 EVs annually. 

The automotive corporation has set up a new company called PowerCo which will be responsible for production at the facility - set to begin in 2025 - and for global marketing of battery products for the group.