POLVOLT - Europe’s strategic metals infrastructure

POLVOLT - multi-phase industrial complex integrating large-scale copper and precious metals smelting with advanced battery metals refining to secure Europe’s circular supply chains.

At a glance

Location

Zawiercie, Poland

Core outputs

copper, gold, silver, lithium, nickel, cobalt

Strategic horizon

Multi-phase development 2025–2035

Total planned investment

approx. USD 800 million

Primary focus

(Phase I): Copper & electronic scrap

About Polvolt

POLVOLT is Elemental Group’s flagship industrial investment designed to create one of Europe’s most advanced hubs for the recovery and refining of strategic metals from electronic scrap and spent batteries.

The project integrates two complementary industrial platforms:

  • large-scale copper and precious metals smelting and refining based on electronic scrap and copper-bearing materials,

  • advanced refining of battery black mass to recover lithium, nickel and cobalt.

With a planned investment of approximately USD 800 million and significant public grant support, POLVOLT addresses Europe’s structural need for secure, local and circular sources of critical raw materials for electrification, renewable energy, digital infrastructure and advanced manufacturing.

The project is developed in phases, with an initial focus on copper and electronic scrap — a mature, liquid and structurally undersupplied market — followed by the selective and disciplined expansion into battery metals refining once market volumes, technology readiness and competitive conditions are fully confirmed.

POLVOLT builds on Elemental’s long-standing industrial expertise, its network of more than 100 sourcing locations worldwide and its position as one of the largest independent collectors and processors of complex metal-bearing waste in Central and Eastern Europe.

Why Polvolt is crucial?

  • Europe remains structurally dependent on imported primary metals and Asian refining capacity.

  • Electrification, renewable energy and digital infrastructure are driving sustained demand for copper, silver and battery metals.

  • Recycling and secondary refining will become a strategic pillar of European industrial sovereignty.

  • creating domestic refining capacity for strategic metals,
  • reducing reliance on long-distance supply chains,
  • strengthening Europe’s circular economy infrastructure.
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  • reduction of primary mining footprint through secondary metals recovery

  • lower carbon intensity versus primary metal production

  • creation of skilled industrial jobs in southern Poland

Two strategic pillars of Polvolt

COPPER & E-SCRAP METALS PROJECT

The copper platform represents the dominant and first development phase of the POLVOLT project.

With an estimated capital expenditure of approximately USD 800 million for the final phase, including a dedicated smelter and refinery, this platform will focus on the processing of copper-bearing materials and complex electronic scrap, recovering:

  • high-purity copper,

  • precious metals — primarily silver and gold,

  • selected rare and specialty metals from printed circuit boards and electronic components.

The copper platform will absorb approximately two thirds of the total investment budget and is supported by EUR 400 million in public grants awarded over a seven-year period.

For the first three to four years, development will concentrate exclusively on copper and electronic scrap — markets where Elemental already holds a leading independent position and where demand dynamics are structurally strong and highly liquid.

Elemental is currently evaluating the final product form — including copper anodes, cathodes or copper powder — to best match long-term offtake agreements and partner requirements.

A strategic technology and industrial partner is being selected to acquire a 33%–49% equity stake and contribute proven know-how in the design, construction and operation of large-scale copper smelting and refining facilities.

POLVOLT will not compete directly with primary copper producers on volume.
Instead, it will focus on:

  • smaller, high-margin production streams,

  • fully secured offtake structures,

  • long-term contracts aligned with equity participation.

Demand for copper and associated metals is structurally rising, driven by:

  • electrification of transport,

  • renewable energy infrastructure,

  • large-scale data centres and AI-driven digitalisation.

The project benefits from strong long-term macroeconomic fundamentals and from a market environment in which demand for secured copper supply significantly exceeds available production.

BATTERY METALS REFINING PROJECT

The battery metals platform represents the second strategic pillar of POLVOLT and will be developed in a disciplined, selective and market-driven manner.

The project targets the refining of battery black mass into:

  • lithium compounds,

  • nickel and cobalt intermediates,

  • selected battery-grade materials for cathode and precursor production.

Unlike copper and electronic scrap, battery metals refining is a technologically complex and highly competitive market, currently dominated by Asian — in particular Chinese — players with significant scale advantages and overcapacity.

Elemental’s approach is therefore deliberately conservative and phased.

Before committing to large-scale capital expenditure, three conditions must be met:

  • confirmed and sustainable volumes of black mass available in Europe,

  • access to best-in-class and future-proof refining technology,

  • a competitive cost position versus established Asian refiners.

The project will enter its formal design and partner selection phase approximately 2–3 years after the start of the copper platform, when the first large wave of end-of-life electric vehicle batteries is expected to reach the European recycling market.

The current European battery recycling market is characterised by:

  • limited volumes of end-of-life batteries,

  • excess processing capacity,

  • multiple postponed or cancelled projects following recent bankruptcies and write-downs.

Most existing black mass production today is still based primarily on manufacturing scrap rather than true end-of-life batteries.

Elemental therefore does not intend to rush into large-scale investments ahead of the market.

Instead, the company will:

  • selectively target niche or partial refining steps,

  • consider lithium-focused extraction streams,

  • avoid direct competition with structurally advantaged Asian incumbents.

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