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Epsilon Advanced Materials' Imtiaz Kathawalla, Sunit Kapur and Heli Rasimus shared the company's plans at a media event held in Vaasa. Photo: Ilari Rautiainen

Article categories: News

Epsilon Advanced Materials' plans in the GigaVaasa area moving forward – first Finnish employee to start at the beginning of the year

Published: 30.11.2023

Sunit Kapur, the CEO of Epsilon Advanced Materials, which is planning an anode material production facility in the GigaVaasa area, visited Vaasa this week. Kapur, who took on the role of CEO in September, revealed that the company has already hired its first employee for the GigaVaasa project.

According to Kapur, the plans in the GigaVaasa area are progressing as expected. Heli Rasimus, transferring from the South Ostrobothnia Centre for Economic Development, Transport, and the Environment (ELY), has been hired as the project manager for the GigaVaasa project.

– At the moment, things are progressing at a rapid pace. Heli is our first employee in Finland, and she will start working on the project right at the beginning of next year, Kapur says.

Epsilon’s ambitious goal is to start construction in Vaasa by the end of 2024.

– The coming year is a time for significant decisions. The first assessment of the environmental permit is nearing completion, so much depends on how quickly we obtain the necessary permits, Kapur notes.

In October 2022, Epsilon Advanced Materials and Finnish Minerals Processing signed a Memorandum of Understanding, within which the companies assessed the possibility of establishing an anode materials production facility in the GigaVaasa area. In April 2023, the companies submitted the environmental impact assessment (EIA) program for the project to the South Ostrobothnia ELY Centre.

During his visit, Sunit Kapur familiarized himself with the GigaVaasa area and met with the city’s leadership and representatives of local businesses.

GigaVaasa Area Timeline:

  • November 2023: Epsilon Advanced Materials’ plans in the GigaVaasa area moving forward – first Finnish employee to start at the beginning of the year
  • February 2023: Finnish Minerals Group and FREYR Battery collaborate to establish an LFP cathode material plant in Vaasa
  • January 2023: FREYR Battery’s environmental impact assessment of the cathode factory plot progressing
  • November 2022: FREYR Battery made a planning reservation on a plot to build a cathode factory.
  • October 2022: Finnish Minerals Group and Epsilon Advanced Materials sign a memorandum of understanding (MoU) under which the companies will evaluate the possibility of setting up an anode materials production facility in Vaasa.
  • September 2022: The memorandum of understanding with Grafintec Oy and Epsilon Advanced Materials was formally terminated as cooperation between the companies had ended and new negotiations on the plot in question could start.
  • August 2022: Grafintec Oy and Epsilon Advanced Materials dissolve their mutual cooperation agreement. They continue discussions with the City of Vaasa
  • May 2022: FREYR Battery and the City of Vaasa enter into a fixed-term lease agreement for a 130-hectare plot.
  • January 2022: FREYR Battery’s environmental impact assessment (EIA) commences.
  • January 2022: Grafintec Oy and Epsilon Advanced Materials sign a Memorandum of Understanding with the City of Vaasa to build a plant to produce anode materials for the battery industry in the GigaVaasa area.
  • November 2021: Johnson Matthey announces the sale of its battery materials business. However, Vaasa continues negotiations with the company’s new owner.
  • August 2021: FREYR Battery selects Vaasa as the location of a battery cell plant; a memorandum of understanding is signed for a 90-hectare plot.
  • April 2021: First reservation for the GigaVaasa area; Johnson Matthey selects Vaasa as the location for a sustainable battery materials plant.