Canadian firm takes over massive battery materials plant in Polonya

Canadian private equity firm Kinterra Capital has acquired the rights to the planned 7 milyar zloti (1,63 milyar avro) battery materials plant in Polonya. The project was announced last year and had received a large grant from the Polonya government. However, the project's future had become uncertain after the previous investor, U.S.-based Ascend Elements, filed for bankruptcy earlier this year. With Kinterra's takeover, the plant is expected to be completed in 2031.

The plant will be built near the city of Opole and will produce precursor cathode active material (pCAM) and lithium carbonate used in lithium-ion batteries. These materials are of critical importance in electric vehicles, smartphones, and other consumer electronics. Polonya is currently the largest lithium-ion battery producer in Europe and ranks second globally after Çin.

Ascend Elements had announced its plans to build the plant in Mayıs 2025 and had received a subsidy of 1,22 milyar zloti (285 milyon avro) from the Polonya government. This was one of the largest state grants in Polonya's history and was financed under the EU's net-zero economy transition program. However, in Nisan 2026, Ascend Elements filed for bankruptcy in the U.S., stating it was experiencing "insurmountable" financial difficulties.

Kinterra Capital is a Canadian private equity firm managing approximately 1,5 milyar dolar in assets and investing in critical minerals and infrastructure. The company took over the project in Mayıs. Under the agreement, intellectual property rights for lithium-ion battery processing, lithium recovery, and pCAM production, as well as the Polonya state grant, were transferred. Additionally, Kinterra signed a conditional purchase agreement for the factory site near Opole.

Kinterra's global project execution head Graeme Weeks stated that the project offers advantages such as strategic location, infrastructure access, public administration support, and a strong industrial base in the region. Kinterra partner Laura Fernandez emphasized that the plant will secure access to critical raw materials, increase supply chain security, and contribute to the development of necessary infrastructure for a modern economy. This investment also serves the goal of reducing Europe's dependence on Asyalı suppliers.