Umicore bets on green mobility shift to double revenues by 2030

June 22 (Reuters) - Belgian chemicals and battery materials company Umicore UMI.BR said on Wednesday it saw potential to more than double revenues by 2030 and attain adjusted core profit (EBITDA) margins of more than 20% throughout the period.

The company, which produces cathode materials used in batteries for electric vehicles, phones and other items, added it saw phased investment of about 5 billion euros ($5.25 billion) until 2026, particularly in its battery recycling and rechargeable battery materials units.

"The shift to cleaner mobility is expected to grow threefold by 2030," Umicore said in a statement ahead of its Capital Markets Day.

Umicore is ramping up its production capacities for cathode materials used in rechargeable batteries, but faces tough competition from China and South Korea, which has already pushed Britain's Johnson Matthey JMAT.L out of the race.

The company has bet on its battery business to make up for an expected decline in supplying catalytic converters used to control car emissions, as automakers shift toward electric vehicles.

Umicore in April announced a partnership with ACC - a Stellantis STLA.MI , Mercedes-Benz and TotalEnergies TTEF.PA joint company - to supply electric vehicle cathode materials.

Similarly, Volkswagen VOWG_p.DE in December announced a joint venture with Umicore for precursor and cathode materials in Europe, aiming to produce enough to power 2.2 million electric vehicles by the end of the decade. ($1=0.9529 euros)
Reporting by Olivier Sorgho; Editing by Clarence Fernandez and Milla Nissi

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