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☆ Federal appeals court throws out lawsuit against Apple, Google, Tesla and other tech giants over alleged child labor in Congo
▼ + stars: | 2024-03-05 | by ( Devan Cole | ) edition.cnn.com time to read: +2 min

CNN —A federal appeals court on Tuesday threw out a lawsuit that sought to hold Apple, Google, Tesla and other major tech companies liable for their alleged use of child labor to mine cobalt in the Democratic Republic of Congo. “The plaintiffs have not adequately alleged the Tech Companies participated in a venture because there is no shared enterprise between the Companies and the suppliers who facilitate forced labor,” Rao wrote. “The Tech Companies own no interest in their suppliers. A federal judge in DC had previously thrown the case out. The defendants in the case were Apple, Alphabet (which owns Google), Dell Technologies, Microsoft and Tesla.

Persons: Neomi Rao, “, ” Rao, Rao, Michelle Toh Organizations: CNN, Apple, Google, Democratic, DC Circuit, Appeals, “, Tech Companies, Companies, DC, Dell Technologies, Microsoft, International Rights Locations: Democratic Republic of Congo, Congo

☆ Umicore CEO says he expects revenue growth in the battery materials business
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUmicore CEO says he expects revenue growth in the battery materials businessUmicore CEO Mathias Miedreich breaks down the firm's earnings, laying out how the numbers will play into a strategy for greater cash generation.

Persons: Mathias Miedreich

☆ Umicore cuts investment target after expanding EV battery materials production
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Companies Umicore SA FollowVolkswagen AG FollowOct 17 (Reuters) - Belgium's Umicore (UMI.BR) said on Tuesday it had lowered its net capital expenditure target for 2026 after expanding its battery materials production facilities to North America, with plans to build a new plant in Canada. Umicore expects total net capital expenditure between 2022 and 2026 to reach 3.8 billion euros ($4.01 billion). The group had previously said it planned to carry out phased investments of around 5 billion euros between 2022-2026. Analysts at brokerage Jefferies said that the difference between both figures does not necessarily mean a drop in overall gross capex spending. Umicore also announced a new target for earnings before interest, taxes, depreciation and amortisation (EBITDA) margins, which they expect to be above 25% from 2026.

Persons: Umicore, Jefferies, Victor Goury, Louise Heavens Organizations: Volkswagen, Thomson Locations: North America, Canada

☆ Canada to give Belgium's Umicore up to C$1 bln for new battery components plant
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Oct 16 (Reuters) - Canada and the province of Ontario will give up to C$1 billion to a unit of Belgium's Umicore (UMI.BR) to help it build a plant that will produce components for electric vehicle batteries, Ottawa said on Monday. The plant - the first of its kind in North America - will initially employ 600 people and have a battery materials production capacity of 35 gigawatt hours annually. Canada, home to a large mining sector for minerals such as lithium, nickel and cobalt, wants to woo firms involved in all levels of the electric vehicle (EV) supply chain via a multibillion-dollar green technology. The Umicore plant is due to be built in stages and could be worth C$2.7 billion when fully completed. Canada will invest up to C$551.3 billion with Ontario adding up to C$424.6 billion.

Persons: Francois, Philippe Champagne, Champagne, David Ljunggren, David Gregorio Our Organizations: OTTAWA, Thomson Locations: Canada, Ontario, Ottawa, Loyalist Township, North America

☆ The world will pay a high price if China cuts off supplies of chipmaking materials
▼ + stars: | 2023-10-11 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Last year, it accounted for 98% of the global production of gallium and 68% of refined germanium production, according to the US Geological Survey (USGS). “Refining technologies and facilities for processing gallium and germanium cannot be built overnight, particularly considering the environmental implications of their extraction and mining,” she wrote in July. Analysts from the think tank said China’s leading position in the aluminum industry has allowed it to establish a dominant share of global gallium production. According to the USGS, Russia, Japan, and Korea produced a combined 1.8% of global gallium in 2022. Last year, the US Defense logistics Agency introduced a program to recycle optical-grade germanium used in weapon systems.

Persons: Hong Kong CNN —, ”, Xiaomeng Lu, Marina Zhang, Zhang, Ewa Manthey, haven’t, Chris Miller, Gregory Allen, Nyrstar, ” Lu, Manthey Organizations: Hong Kong CNN, geotechnology, Eurasia Group, China, Geological Survey, University of Technology, “, ING Group, Center for Strategic, International Studies, Washington, Analysts, Corporation, CNN, Global, Wadhwani Center, AI, Technologies, CSIS, Rostec, Reuters, US Defense, Agency, Commerce Ministry Locations: China, Hong Kong, Beijing, United States, Europe, Japan, University of Technology Sydney, Kazakhstan, Hungary, Germany, Russia, Korea, Teck, American, Netherlands, Australia, ” Lu, Eurasia, Canada

☆ Volkswagen, Umicore venture picks Poland for first car battery parts plant
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +2 min

Volkswagen vehicle is parked during a news conference to announce details on the construction of a gigafactory for electric vehicle battery production by Volkswagen Group's battery company PowerCo SE in St. Thomas, Ontario, Canada April 21, 2023. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsBERLIN, Oct 7 (Reuters) - The auto battery parts joint venture between Volkswagen's (VOWG_p.DE) PowerCo and Belgian materials firm Umicore (UMI.BR) has chosen Poland as the site for its first factory, PowerCo said on Saturday. Ionway wants to build up its annual production capacity by the end of the decade to around 160 gigawatt hours (GWh) per year - enough for 2.2 million electric vehicles. Ionway is intended to supply PowerCo's European battery cell factories with key battery materials and to cover a large portion of PowerCo's needs in the European Union. In return, Umicore receives secured access to an important part of Europe's demand for cathode materials for electric vehicles.

Persons: Carlos Osorio, PowerCo, Ionway, Umicore, Sabine Wollrab, Sarah Marsh, David Holmes 私 Organizations: Volkswagen, Volkswagen Group's, REUTERS, Rights, VW, European Union Locations: St, Thomas , Ontario, Canada, Volkswagen's, Poland, Nysa, Ontario

☆ Umicore, Volkswagen present Ionway battery parts joint venture
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Oct 6 (Reuters) - The $2.9 billion battery parts joint venture between Volkswagen's (VOWG_p.DE) PowerCo and Belgian materials firm Umicore will be called Ionway, the companies said on Friday. Through the joint venture, first flagged in December 2021, the companies are joining a number of European automakers that have brought battery supplies closer to home in the shift towards electric vehicles. "The founding of Ionway sends a strong signal for the rollout of battery cell technology in Europe. We are convinced that this company will provide some important building blocks with which the European Union can implement its Green Deal goals," said Ionway Chief Executive Thomas Jansseune. Ionway is intended to supply PowerCo's European battery cell factories with key battery materials and cover a large portion of PowerCo's needs in the European Union.

Persons: PowerCo, Ionway, Thomas Jansseune, Umicore, Miranda Murray, Friederike Heine Our Organizations: European Union, Deal, Thomson Locations: Volkswagen's, Europe

The IRA includes a clause that automatically qualifies EV battery materials recycled in the U.S. as American-made for subsidies, regardless of their origin. That is important because it qualifies automakers using U.S.-recycled battery materials for EV production incentives. China handles virtually all EV battery recycling in a global market projected to grow from $11 billion in 2022 to $18 billion by 2028, according to research firm EMR. The volume of EV batteries available for recycling should grow over tenfold by 2030, said consultant Circular Energy Storage. In Europe, EV batteries are currently shredded into "black mass" that is shipped to China for recycling.

Persons: Marc Trent, Charles Trent, Nick Carey POOLE, Thomas Becker, Louie Diaz, Diaz, JB Straubel, Mike O'Kronley, Christian Marston, deconstruct, Bruno Thompson, Thea Soule, Soule, Kurt Vandeputte, Becker, We've, Nick Carey, Paul Lienert, Ben Klayman, Claudia Parsons Organizations: Charles Trent Ltd, REUTERS, Reuters, BMW, Redwood Materials, European Union, EV, Energy Department, Altilium Metals, recyclers, U.S, CES, Cambridge, Battery Recycling Company, EU, Nissan, Nio, Victoria Waldersee, Thomson Locations: Poole , Britain, England, U.S, North America, China, New York, Nevada, America, Georgia, Kentucky, EVs, Bulgaria, Europe, Poole, Dallas , Texas, Japan, HK, Poole , England, Detroit, Berlin

☆ China's chipmaking export curbs 'just a start', Beijing adviser warns before Yellen visit
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +6 min

Shares in some Chinese metals companies rallied for a second session as investors bet that higher prices for gallium and germanium, which Beijing's export restrictions target, could boost revenues. China is the world's biggest producer of rare earths, a group of metals used in EVs and military equipment. Asked about the metals export curbs, Chinese foreign ministry spokesman Wang Wenbin said on Wednesday the government's actions were reasonable and lawful. WARNING SHOTSome larger chip manufacturers view China's export controls on gallium as more of a warning shot about what economic pain the country could inflict. China's germanium ingot was priced at 9,150 yuan per kg on Tuesday, also flat on the day and on the week, Refinitiv data showed.

Persons: Janet Yellen, Wei Jianguo, Wei, Yellen, Biden, China's, Wang Wenbin, Wang, Gecamines, Belgium's Umicore, Xi Jinping, Eikon, Brenda Goh, Amy Lv, Tian, Nick Carey, Muralikumar Anantharaman, Jacqueline Wong, Catherine Evans Organizations: Treasury, Thursday Analysts, Washington, Commerce, China Daily, China Center for International Economic, Independence, Analysts, Micron, Global Times, Union, Benchmark Mineral Intelligence, AMS, Democratic, Shanghai Cooperation Organisation, Shanghai Metal Exchange, Beijing, Thomson Locations: Beijing, China, BEIJING, SHANGHAI, U.S, Japan, Netherlands, United States, Swiss, Teck Resources, North, Democratic Republic of Congo, Russia, Washington, Yunnan, London

☆ What are Gallium and Germanium and which countries are producers?
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +5 min

Germanium ores are rare and most germanium is a by-product of zinc production and from coal fly ash. Gallium is found in trace amounts in zinc ores and in bauxite, and gallium metal is produced when processing bauxite to make aluminium. U.S. imports of gallium metal and gallium arsenide (GaAs) wafers in 2022 were worth about $3 million and $200 million, respectively, according to USGS. U.S.-based Indium Corporation also produces germanium, while Belgium's Umicore (UMI.BR) makes both germanium and gallium. "Zinc selenide and germanium glass substitute for germanium metal in infrared applications systems, but often at the expense of performance."

Persons: Belgium's, Eikon, Dominique Patton, Mai Nguyen, Melanie Burton, Pratima Desai, Tom Hogue, Himani Sarkar, Catherine Evans, David Evans Organizations: Alliance, . Geological Survey, WHO, Teck Resources, Shanghai Metal Exchange, Thomson Locations: China, Canada, Finland, Russia, United States, Europe, Japan, U.S, South Korea, Germany, Kazakhstan, Teck, North America, British Columbia, Beijing

☆ Which countries produce strategic materials Gallium and Germanium?
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +4 min

Germanium ores are rare and most germanium is produced as a by-product of zinc production and from coal fly ash. China produces around 60% of the world's germanium, according to the European association Critical Raw Materials Alliance (CRMA), with the rest coming from Canada, Finland, Russia and the United States. Gallium is found in trace amounts in zinc ores and in bauxite, and gallium metal is produced when processing bauxite to make aluminium. U.S. imports of gallium metal and gallium arsenide (GaAs) wafers in 2022 were worth about $3 million and $200 million, respectively, according to USGS. U.S.-based Indium Corporation also produces germanium, while Belgium's Umicore (UMI.BR) makes both germanium and gallium.

Persons: Belgium's, Eikon, Dominique Patton, Mai Nguyen, Melanie Burton, Tom Hogue, Himani Organizations: Alliance, WHO, United States Geological Survey, Teck Resources, Shanghai Metal Exchange, Thomson Locations: China, Canada, Finland, Russia, United States, Europe, Japan, U.S, South Korea, Germany, Kazakhstan, Teck, North America, British Columbia, Beijing

☆ Europe's battery pass project outlines manufacturers' transparency challenge
▼ + stars: | 2023-04-17 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

BERLIN, April 17 (Reuters) - The consortium behind a European battery passport project laid out on Monday how companies must prepare to meet increasingly stringent regulations on disclosing batteries' origins and social and environmental footprints. Manufacturers in Europe must disclose the carbon footprint of their batteries from 2024 and comply with a CO2 emissions limit from 2027. Monday's guidance is the first attempt to interpret what the new demands will mean for electric car makers, industrial battery producers and light transport battery makers. Still up for debate is the methodology for accurately calculating the carbon footprint and recycled content, and who will have access to what depth of data in the battery passport, consortium representatives told Reuters. Reporting by Victoria Waldersee, Editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Umicore CEO discusses having a fully integrated European battery material supply chain
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUmicore CEO discusses having a fully integrated European battery material supply chainMathias Miedreich, CEO of Umicore, discusses the materials technology company's full-year results and growth strategy for 2023.

☆ U.S.-China friction stokes concern among some top finance bosses
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] Carmine Di Sibio, Global Chairman and CEO of EY, speaks at the 2022 Milken Institute Global Conference, in Beverly Hills, California, U.S., May 2, 2022. Anne Richards, CEO of the $610 billion money manager Fidelity International, put her level of worry about a potential decoupling of the two economies at 6 out of 10 when asked during a panel discussion. EY global chair and CEO Carmine Di Sibio put his own level of concern at 9 out of 10. EY's Di Sibio told the event U.S. administration officials were "extremely aggressive" about the extent of business with China particularly in technology, adding this was the case across much of the West. But the politics are really in the way and I am worried that they're not getting better," Di Sibio said.

☆ East-West battleground will shift from fossil fuels to metals
▼ + stars: | 2022-12-23 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

MILAN, Dec 23 (Reuters Breakingviews) - The global trade war will shift from fossil fuels to metals and raw materials. Russia’s invasion of Ukraine highlighted the risk of relying on autocratic states for energy. Europe needs to cumulatively spend $5.3 trillion on clean energy projects by 2050. That requires a sixfold increase in the global production of copper, lithium, graphite, nickel and some rare earths by 2040, International Energy Agency estimates show. It refines 58% of lithium produced globally, 65% of cobalt and over one-third of nickel and copper.

☆ East-West battleground will shift to metals
▼ + stars: | 2022-12-23 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

MILAN, Dec 23 (Reuters Breakingviews) - The global trade war will shift from fossil fuels to metals and raw materials. Europe needs to cumulatively spend $5.3 trillion on clean energy projects by 2050. That requires a sixfold increase in the global production of copper, lithium, graphite, nickel and some rare earths by 2040, International Energy Agency estimates show. It refines 58% of lithium produced globally, 65% of cobalt and over one-third of nickel and copper. That’s why Western nations’ best option is ultimately to recycle metals from used appliances.

☆ Redwood Materials joins electric vehicle, battery trek to South Carolina
▼ + stars: | 2022-12-14 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

Dec 14 (Reuters) - Redwood Materials is the latest company to set up shop in South Carolina's growing community of electric vehicle and battery manufacturers, the Carson City, Nevada-based firm said on Wednesday. Redwood said it will build a $3.5 billion battery materials campus in Ridgefield, about 30 miles (48.28 km) northwest of Charleston, that will recycle, refine and remanufacture cathode and anode materials such as nickel, cobalt, lithium and copper. The Ridgefield facility is expected to supply battery materials to Ford Motor (F.N) and SK On in Kentucky, Toyota Motor (7203.T) in North Carolina and Volvo and Envision AESC in South Carolina. Volvo is building a battery plant next to its assembly facility in Ridgeville and BMW is partnering with Envision AESC on a $700 million battery plant in Woodruff. A second North American “battery belt” is springing up in Canada, in Becancour, Quebec, on the St. Lawrence River.

FRANKFURT/HAMBURG, Nov 18 (Reuters) - German carmaker Volkswagen (VOWG_p.DE) is holding discussions with investors to join its battery division ahead of a possible partial initial public offering (IPO) of the subsidiary, two people familiar with the matter told Reuters. The idea is to bring in investors pre-IPO so Volkswagen can gauge how the division - named PowerCo - might be valued in a potential flotation, the sources said, adding that Volkswagen is working with advisers on a potential deal structure. Volkswagen has set aside 20 billion euros ($21 billion) for investment in its battery cell business, with the PowerCo unit managing its battery production and research from mining to recycling and projects including energy storage systems. Former Volkswagen CEO Herbert Diess floated the idea of a listing in May last year as a means of funding the carmaker's battery expansion plans. Volkswagen's US charging station network Electrify America, in which Siemens (SIEGn.DE) has invested a low three-digit million amount, could serve as a model for investor participation, the second source said.

☆ BASF says its battery material plant will be running by year-end
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Under a push to build a global materials network serving the EV industry, BASF has been seeking a string of alliances with cobalt and nickel miners. That included a 2018 partnership with Russia's Norilsk Nickel (GMKN.MM) in Harjavalta, Finland, which will supply metals to the Schwarzheide site. "We will ramp up the first facility here towards the end of the year," Chief Executive Martin Brudermueller told reporters after German Chancellor Olaf Scholz visited the production site on Tuesday. The battery materials business is one of two major investment projects at BASF. The group, which plans to cut jobs at its headquarters in Germany, will compete in battery recycling mainly with Belgium's Umicore (UMI.BR).

☆ The market for EV tech is revving up — and it's a good time to cash in on these stocks, Citi says
▼ + stars: | 2022-10-13 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Fuel cells could be the next big technology to power electric vehicles — Citi is naming it one of the 10 fastest-growing markets in industrial tech. Fuel cells use hydrogen or other fuels to cleanly produce electricity. Citi estimated the fuel cell market could grow from around $2.5 billion in 2021 to $43 billion by 2030. A 'hidden' EV battery play Morgan Stanley flagged one stock that it says is a "hidden EV battery play." Morgan Stanley also pointed to the firm's healthy balance sheet and cash resources, saying the EV battery recycling industry could give it further upside.

☆ Factbox: Automakers accelerate drive to secure battery raw materials
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +7 min

read more08-Dec-2021 - Belgium's Umicore (UMI.BR) will supply cathode materials for Volkswagen's European battery cell factories under a joint venture. MERCEDES BENZ (MBGn.DE):23-Aug-2022 - Mercedes-Benz strikes cooperation agreement with Canada to secure access to lithium, nickel and cobalt. read more04-Oct-2021 - BHP Group (BHP.AX) will supply nickel sulphate from Western Australia to Toyota and Panasonic's joint venture. read moreFORD (F.N)22-July-2022 - Ioneer Ltd signs binding offtake agreement with Ford to supply lithium from Rhyolite Ridge in Nevada. read more22-Sept-2021 - Ford partners with startup Redwood Materials to form a "closed loop" or circular supply chain for electric vehicle batteries, from raw materials to recycling.

☆ Volkswagen teams up with Umicore on battery materials
▼ + stars: | 2022-09-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +3 min

The venture - between Umicore and Volkswagen's battery unit PowerCo - also plan to collaborate on recycling metals from battery materials, the firms said, without giving a timeframe. Under the 3 billion euro ($2.9 billion) joint venture, which the companies flagged in December, Umicore will produce enough battery precursor and cathode material for 160 gigawatt hours (GWh) of battery capacity - enough for 2.2 million vehicles. It will start with material for 40 GWh of capacity by 2026 at Volkswagen's first battery plant in Salzgitter, Germany. There is a "strong industrial logic" to locating production at Umicore's newly inaugurated battery materials plant in Nysa, Poland, Umicore CEO Mathias Miedreich said, adding a decision would be taken "rather quickly". read moreThe companies also agreed that Umicore would refine cathode material for the first 60 GWh of capacity.

☆ Volkswagen's PowerCo and Umicore team up on battery materials
▼ + stars: | 2022-09-26 | by ( Victoria Waldersee | ) www.reuters.com time to read: +2 min

REUTERS/Imelda MedinaBERLIN, Sept 26 (Reuters) - Volkswagen's (VOWG_p.DE) PowerCo and materials technology firm Umicore announced a 3 billion euro ($2.9 billion) joint venture on Monday that will produce battery precursor and cathode material from 2025, likely at Umicore's new plant in Poland. The venture will start with a target of 40 GWh by 2026, with Volkswagen's Salzgitter battery plant the first to receive material. Register now for FREE unlimited access to Reuters.com RegisterThere is a "strong industrial logic" to locating production at Umicore's newly inaugurated battery materials plant in Nysa, Poland, Umicore CEO Mathias Miedreich said, adding a decision would be taken "rather quickly". Volkswagen, which plans to build six battery plants in Europe by 2030 starting with Salzgitter, first announced in late 2021 that it was planning a joint venture with Umicore as it attempts to gain control over the entire battery value chain. read moreShares in the Belgian company plummeted in June after it announced a 5 billion euro plan to bulk up its battery material business, with analysts concerned about the higher debt and external funding required amid rising costs.

☆ Volkswagen's PowerCo and Umicore form joint venture on precursor and cathode material for batteries
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Volkswagen is displayed at the carmaker's factory in Puebla, Mexico August 31, 2022. REUTERS/Imelda MedinaBERLIN, Sept 26 (Reuters) - Volkswagen's (VOWG_p.DE) battery unit PowerCo has formed a joint venture with Belgium's Umicore (UMI.BR) for the production of precursor and cathode material in Europe, jointly investing 3 billion euros ($2.89 billion), the companies said on Monday. Register now for FREE unlimited access to Reuters.com RegisterBoth partners will equally share costs, investments and profits. Volkswagen, which plans to build six battery plants in Europe by 2030 starting with Salzgitter, first announced in late 2021 that it was planning a joint venture with Umicore. read more($1 = 1.0379 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Victoria Waldersee, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Umicore CEO discusses the launch of its battery materials plant
▼ + stars: | 2022-09-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUmicore CEO discusses the launch of its battery materials plantMathias Miedreich of Umicore says lithium won't be a problem in the long term and adds that the "key item" to watch for is nickel.

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