The industry that makes materials in electric car batteries — vital for the energy transition — is ripe for consolidation as fierce Chinese competition threatens western rivals, one of Europe’s top producers has warned.
Bart Sap, the boss of Belgian-based multinational Umicore, which makes materials used in cathodes, said he was hunting for deals and partnerships that would bolster the group’s struggling batteries business.
“We’re looking at all angles to recover value in this business because we’ve destroyed value over the last years,” Sap told the Financial Times.
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