Johnson Matthey to Sell its Battery Materials Business

Global sustainable technologies leader Johnson Matthey announced that the company has signed an agreement that it would sell a part of its Battery Materials business to EV Metals Group.

As per the agreement the sale comprises Johnson Matthey's assets at the Battery Technology Centre in Oxford & Battery Technology Centre and pilot plant in Billingham, a research center in Moosburg, Germany, and the partly constructed site in Konin, Poland. Johnson Matthey's LFP facility in Canada is not a part of the sale. Instead, it will be acquired by cleantech innovator Nano One, as mentioned in a prior announcement.

The sale also includes Johnson Matthey's eLNO technology, based on the GEMX and CAM-7 cathode platforms that the company licensed from CAMX. 

The Battery Materials business will be sold for a total consideration of £50 million in cash and Johnson Matthey will receive a minority equity stake in EV Metals.

Liam Condon, Chief Executive, Johnson Matthey, says, "Johnson Matthey made the decision to exit Battery Materials due to insufficient returns, increased commoditization of battery materials combined with the need for very high capital investments to remain competitive. With EV Metals Group vision and capability to be a fully integrated battery chemicals business, I am very confident that they are the right owner for the Battery Materials business going forward. 

This important divestment means Johnson Matthey can now focus on our core portfolio and today I've outlined our new strategy, which explains how Johnson Matthey will create more value and help accelerate societal progress towards net zero."

Michael Naylor, Managing Director and Chief Executive Officer, EV Metals Group, says, "The acquisition of the Battery Materials Business is a strong strategic fit for EV Metals Group. It includes world-class, leading technology for the production of cathode active materials. With our unique upstream, midstream, and downstream business model, EV Metals is well-positioned to drive the successful commercialization of JM's CAM technology, taking full advantage of the Group's 'mine to OEM' integrated supply chain, which addresses the long-term market challenge of both surety of raw materials and the supply of processed materials."