Australian miner EV Metals Group has bought the battery materials division of UK multinational Johnson Matthey for 50 million pounds ($63 million), moving it closer to becoming a full service battery maker for the electric vehicle (EV) industry.
The deal gives EV Metals the technology that Johnson Matthey developed to create eLNO, a substance made from nickel, cobalt and lithium, that increases the range and reduces the cost of EV batteries.
EV Metals said the new acquisition would produce synergies with its existing mining operations.
The Perth-based company, which owns a nickel-cobalt mining and refining operation in Western Australia, will now be able to supply metals needed to produce cathodes, the most expensive electric vehicle (EV) battery component.
In January, EV Metals launched the Australian Lithium Alliance, a strategic initiative to partner with Australian companies to accelerate exploration, development, mining, processing and production of lithium minerals.
In March, the company announced it would test four sites for lithium-bearing spodumene as part of its 50-50 Zenith Lithium Alliance venture with Zenith Minerals.
Johnson Matthey announced in November 2021 that it planned to sell its battery materials business in November, citing inadequate potential returns from the unit.
- George Russell