EV Metals Group acquires leading UK battery materials business from Johnson Matthey, boosting the UK’s electric vehicle growth plans

Photo of Michael Naylor

Landmark deal secures specialist jobs and IP, positioning EVM as a leading vertically integrated supplier to EV and battery cell producers in Europe

26 May 2022: EV Metals Group (EVM), a global battery chemicals and technology company, today announces it has agreed to buy the assets of Johnson Matthey’s Battery Materials business for £50m in cash. Johnson Matthey will take a minority equity stake in EVM and a seat on the board.

Through its unique ‘resource to OEM’ model, the transaction enables EVM to become a vital supplier of high purity chemicals and Cathode Active Materials (CAM) to the fast-growing electric battery market. EVM’s integrated business spans upstream mining assets with key battery metals, midstream chemical processing and now, through the Johnson Matthey battery materials business, the downstream production of CAM for global electric vehicle and battery cell manufacturers.

Cathode Active Materials are one of the most important components that determine efficiency, reliability, costs, durability and the size of the lithium-ion battery, and therefore its application. EVM’s integrated supply chain gives the company a significant competitive advantage globally and offers a secure on-shore supply of CAM to high-growth EV markets.

The deal will create a new force in the EV supplies market.

The Battery Materials business assets being acquired include:

  • Battery Technology Centre at Oxford, Oxfordshire
  • Battery Technology Centre at Billingham, County Durham
  • Pilot plant and laboratories at Billingham, County Durham
  • A package of patents, licenses, know-how, show-how and other intellectual property rights for use in the production of pre-cathode active materials and Cathode Active Materials including eLNO, NCM, LFP and other formulations of CAM (CAM Technology)
  • The technical group of up to 100 personnel with the expertise to develop and implement CAM Technology for the commercial production of pre-CAM and CAM
  • Battery Technology Centre in Moosburg, Germany
  • Konin CAM Plant in Poland (under construction)

With this transaction, EVM becomes ideally placed to engage with electric vehicle and battery cell manufacturers in a European market facing a significant deficit in key battery materials.

Michael Naylor, Managing Director and CEO of EV Metals Group, commented:

“The acquisition of the Battery Materials business is a strong strategic fit for EVM and accelerates our mission to become the Western world’s pre-eminent CAM producer. We are pleased to welcome the management and technical team of the Battery Materials business to EVM and look forward to working with them as a strategic business unit within EVM Group.”

The sale also includes Johnson Matthey’s eLNO® technology which EVM will continue to develop, along with leading NCM and LFP technologies across the battery chemistry range. eLNO® is a superior advanced cathode material enabling electric cars to travel further on a single battery charge.

“Strong and world-leading technology, as well as know-how, is the key to a sustainable CAM business,” continued Michael. “Through this acquisition, EVM will be able to progress the next generation of battery chemistry development to meet the growing and substantial market demand. We plan to be in CAM production by 2024, in advance of our large upstream and midstream capacity coming online from 2025. This will allow us to accelerate and provide battery cell chemistry that is matched to the needs of electric vehicle and battery cell manufacturers seeking transparent and geopolitically aligned supply chains.”

“The UK is investing significantly to drive forward the transformation to electrification. We are ideally positioned to support the entire supply chain though our focus on developing our UK plants, technology and skilled workforce.”

Completion of the acquisition is expected in Summer 2022.

EV Metals Group has appointed Investment Bank, Peel Hunt LLP, to act as financial adviser and placement agent in respect of a private capital raise for the company.

– Ends –


EV Metals Group
Michael Naylor, Managing Director, 0207 796 4133 (via Hudson Sandler)
Hannah Newberry, Communications and Media Manager:
Email: hannah.newberry@evmetalsgroup.com

Media enquiries
Charlie Jack / Emily Dillon / Harry Griffiths
Email: EVM@hudsonsandler.com
+44 207 796 4133

Peel Hunt LLP – Financial Advisor & Placement Agent
Ross Allister / Alexander Allen
Email: EVM@peelhunt.com
+44 20 7418 8900

About EV Metals Group

Building a global battery chemicals and technology business for a clean energy future.

We are fast-tracking the production of high purity chemicals and cathode active materials (CAM) for rechargeable batteries used in electric vehicles and renewable energy storage. Our fully integrated business model is based on upstream, midstream, and downstream integration of proprietary supply chains from in-situ critical raw materials to downstream production of high purity chemicals and CAM. Widespread electrification and the switch to renewable energy technologies is expected to create unprecedented demand for critical minerals such as lithium, copper, cobalt, nickel, and rare earth elements.

We have secured long term and stable supplies of critical raw materials that will be used as feedstock for our world first integrated Battery Chemicals Complex being built in Yanbu Industrial City in the Kingdom of Saudi Arabia. The Battery Chemicals Complex will produce high purity chemicals containing lithium, nickel, cobalt, manganese and other metals and cathode active materials used in rechargeable lithium-ion batteries for electric vehicles and renewable energy storage.

EVM has a highly knowledgeable executive and management team with over 180 years of combined experience in midstream and downstream processing of minerals, metals and chemicals for global markets and upstream integration through exploration and mining.

Incorporated in 2014, EVM is a private company owned by a range of investors and management. It has offices in Al Khobar, Saudi Arabia, Perth, Western Australia and London, United Kingdom.

For further information on EVM please visit www.evmetalsgroup.com.

About Johnson Matthey
Johnson Matthey is a global leader in sustainable technologies that enable a cleaner and healthier world. With over 200 years of sustained commitment to innovation and technological breakthroughs, we improve the performance, function and safety of our customers’ products. Our science has a global impact in areas such as low emission transport, pharmaceuticals, chemical processing and making the most efficient use of the planet’s natural resources. Today about 15,000 Johnson Matthey professionals collaborate with our network of customers and partners to make a real difference to the world around us. For more information, visit www.matthey.com

Inspiring science, enhancing life