Umicore enters strategic supply agreement with Samsung SDI

The cathode materials will be supplied from Umicore plants in different regions with the majority of volumes initially produced in Korea. A vast portion of the volumes are intended for automotive applications and a smaller part for energy storage systems. The agreement provides Samsung SDI security of supply to accomodate their fast-growing lithium-ion battery business in Europe and Asia, particularly in automotive applications, a press release reads. “I am very pleased to have signed this agreement with Samsung SDI which marks another key milestone in the consistent execution of our long-term growth strategy. Furthermore, it underscores that a sustainable battery value chain is taking shape and demonstrates the commitment of key industry players to support the growing penetration of EVs globally,” says Marc Grynberg, CEO of Umicore in the release.