Umicore launches new strategic plan

Umicore unveils its new strategy “Umicore 2030 – RISE” designed to accelerate value creative growth.

The strategy is underpinned by following key elements:

• Continuity in Umicore’s strategic journey by further building on its leadership in clean mobility materials and recycling achieved under the Horizon 2020 strategy
• Strategy driven by powerful megatrends, in particular the rapid acceleration towards cleaner mobility, which is anticipated to result in a tripling of Umicore’s addressable mobility market by 2030
• At the core of the strategy: a unique value proposition to be a reliable transformation partner for the customers, supporting them on their sustainability journey
• Execution of the strategy and scaling-up built on 4 RISE (Reliable transformation partner, Innovation & technology leader, Sustainability champion, Excellence in execution) implementation pillars
• Deliver profitable growth with constant value creation towards 2030 and beyond

The mobility transformation is accelerating and the shift to cleaner mobility is expected to grow threefold by 2030. Through its complementary portfolio and presence in all drivetrain technologies, Umicore is uniquely positioned to capture this growth opportunity.

Based on its strong technology portfolio, Umicore’s Automotive Catalysts activity is well positioned to capture the market value peak ahead and to maximize business value through a continued focus on process efficiency and operational agility. The business unit has the potential to generate a free cash flow of approximately € 3 billion between 2022 and 2030, with approximately 20% adjusted EBITDA margins maintained over the period.

In Fuel Cell Catalysts, Umicore will be leveraging its leading technology and market position in PEM fuel cell catalysts to capture the growth in hydrogen-based mobility. To cater for the rapidly growing customer demand, Umicore will expand its PEM-catalyst mass-production capabilities with a greenfield plant in China to be commissioned in 2024. This plant will be the world’s largest fuel cell catalyst plant by that time.

As a frontrunner in battery recycling and through its differentiating pyro-hydro technology, Battery Recycling Solutions is uniquely positioned in that market. Based on growing customer demand, Umicore’s battery recycling capabilities will be scaled up significantly in Europe, while an expansion in North America is being analyzed.

The strategic plan assumes an investment of approximately € 500 million in a large-scale battery recycling greenfield plant with a name-plate capacity of 150 kT, deploying the newest evolution in Umicore’s pyro-hydro flowsheet. Upon commissioning of the plant in 2026, Umicore is expected to be the first company in Europe covering the full CAM value chain at large scale, thereby strongly contributing to the European Union’s objective to establish a sustainable and circular EV battery ecosystem in Europe.