LONDON (Alliance News) - Johnson Matthey PLC on Thursday said it achieved two "major strategic developments" for the commercialisation of its energy battery cathode materials eLNO.
Among the developments, the FTSE 100 chemicals and platinum firm said it secured a site in Poland for the construction of a commercial plant.
Furthermore, it secured a long-term supply agreement with Nemaska Lithium Inc for the supply of lithium hydroxide over ten years, in order to match "expanding demands of commercial production".
The two developments will allow Johnson Matthey to start commercial production in 2021-2022, in line with plans, the firm added.
Chief Executive Officer Robert MacLeod said: "These two developments that we have announced today demonstrate that we are well on track with the commercialisation of eLNO.
"Having applied our world class science to create eLNO technology that outperforms the market for customers, we are commercialising our technology for them through flexible, scalable manufacturing capacity in Poland and a secure supply of vital lithium-based raw materials."
Johnson Matthey shares were trading up 1.9% at 3,171.88 pence each early Thursday morning.
Johnson Matthey (JMAT)