Finance
France's Orano to set up two JVs with China's XTC
Published by Global Banking & Finance Review®
Posted on December 9, 2024
2 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 9, 2024
2 min readLast updated: January 27, 2026
Orano and XTC New Energy are forming joint ventures to produce EV battery components in Dunkirk, France, with a 1.5 billion euro investment creating 1,700 jobs.
(Reuters) - French nuclear group Orano announced on Monday the creation of two joint ventures with Chinese group XTC New Energy Materials for the production of EV battery components in Dunkirk, France.
The plan calls for the creation of a Cathode Active Materials (CAM) manufacturing plant and a Precursor Cathode Active Material (PCAM) production plant, under the project name Neomat, with a public inquiry expected in the spring of 2025.
WHY IT'S IMPORTANT
Cathode materials, comprised of cobalt, nickel and manganese, are the main components of lithium batteries, used in electric vehicle (EV) and hybrid vehicle batteries.
CONTEXT
This follows an announcement in May 2023 by French President Emmanuel Macron about a joint venture by the two groups in Dunkirk with an expected investment of 1.5 billion euros, adding that the venture would create 1,700 jobs.
European automakers are struggling with weak demand, high production costs, and managing the shift to EVs, while trying to fend off competition from China.
KEY QUOTES
"We are hereby confirming our desire to pool our expertise and know-how together to help to develop a competitive industrial value chain in battery materials in Dunkirk in the Hauts de France region to serve the European electric vehicle industry over the long term," said Philippe Hatron, Director of Orano's Batteries programme and member of the Boards of Directors of the two joint ventures.
(Reporting by Dimitri Rhodes; Editing by Mark Potter)
The article discusses the formation of joint ventures between Orano and XTC New Energy for EV battery production in Dunkirk, France.
The joint ventures aim to enhance the European EV battery supply chain and create 1,700 jobs with a 1.5 billion euro investment.
The ventures will produce Cathode Active Materials (CAM) and Precursor Cathode Active Material (PCAM) for EV batteries.
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