Sept 13 (Reuters) - Belgium’s Umicore will invest over 1.38 billion zlotys ($372 million) in its new plant in Poland manufacturing cathode materials used in electric vehicles (EVs), Poland’s Ministry of Entrepreneurship and Technology said on Thursday.
The plant, located in Nysa in southern Poland, is the first of its kind built by Umicore in Europe and comes as the European Union is trying to develop EV battery manufacturing in the bloc.
“Umicore’s investment in Nysa ... will contribute significantly to the implementation of the European Union initiative aimed at promoting the sustainable development of the battery industry,” Umicore Chief Executive Marc Grynberg said in a statement issued by the ministry.
Production at the plant is due to start in late 2020 and it will employ over 400 people, the ministry said.
The materials technology and recycling group has been present in Poland since 1996 and in 2016 opened a catalyst facility in Nowa Ruda, near Wroclaw.
$1 = 3.7076 zlotys Reporting by Alan Charlish in Gdynia; Editing by Mark Potter