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Chinese firm to build €1.3 billion battery-materials factory in Finland

Ningbo Shanshan is the world’s largest supplier of electric car battery materials.

Photo shows a screenshot of a Caixin Global article reporting the news of Ningbo Shanshan's announcement.
A screenshot of a report by Chinese news outlet Caixin Global following Ningbo Shanshan's announcement. Image: Kuvakaappaus Caixin Global -sivustolta
Yle News

Ningbo Shanshan, a Chinese battery-materials manufacturer, has announced plans to invest 1.3 billion euros in building a new plant in Finland.

The company is the world’s largest supplier of electric car battery materials and the plant planned for Finland will be Europe's largest such factory when it is completed — although the exact location has not yet been publicly announced.

In a press release, the Chinese firm said that the Finnish factory will be built in two phases, each taking two years.

Finland's low electricity prices and seaports were key factors in the company's decision.

"North Europe mainly uses energy generated from hydropower and biomass fuels. It has low electricity prices, and can get the product to major battery clients in Western and Central Europe," the statement said, adding that the plant will serve the western and central European markets.

On completion, the plant will produce 100,000 tonnes of anode material for lithium batteries.

A spokesperson for Business Finland welcomed the announcement, but noted that the company must still go through the permit and financing process before work can begin.

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