Canada-based investment firm Kinterra Capital has acquired the core assets of a planned lithium carbonate and precursor cathode active material manufacturing project in Poland.

Kinterra, which has around $1.5 billion in assets under management following closure of a second fund last February, told Batteries International on July 8 the Polish deal marks its first investment in Europe.

The private equity firm has acquired the Polish portfolio for an undisclosed sum from battery materials company Ascend Elements — which filed for Chapter 11 bankruptcy in the US last April as part of a restructuring process.

Kinterra said the acquisition was completed on May 26 through a special purpose vehicle and previous investors in Ascend retain minority stakes in the Polish portfolio.

The deal included intellectual property and an option to buy around 45 hectares of industrial land in the Wałbrzych special economic zone in southwest Poland. Kinterra said it will take up the option to underscore its commitment to the project.

Poland’s government has pledged grant aid equivalent to $340 million and Kinterra plans to crowd in additional project financing and offtake deals.

The project will focus on recycling materials to produce pCAM used to make lithium batteries and lithium carbonate.

Proposed production details were not announced, but Batteries International reported in 2024 that the economic zone site had the capacity to process 12,000 tonnes of used Li ion batteries each year — or about 28,000 EV battery packs annually.

Kinterra’s project execution global head Graeme Weeks said: “Europe’s critical minerals ambitions will ultimately be measured by projects that can be permitted, financed, built and operated at industrial scale.

“This project has the core attributes we look for: strategic location, infrastructure access, government support and a strong regional industrial base. Our task is to translate those advantages into a technically robust and executable development plan.”