Shares of Johnson Matthey advanced as the chemical company said it had achieved two major milestones that kept it on track to start producing energy battery cathode materials. The company entered into an agreement to purchase a 43 hectare plot, allowing it to expand its eLNO, the company's portfolio of 'ultra-high' energy battery cathode materials, manufacturing capacity to up to 100,000 MT per annum. This would enable the company to scale up its operations in line with anticipated customer demand for eLNO.

The company also secured through a long term supply agreement with Nemaska Lithium for the supply of lithium hydroxide over ten years to match expanding demands of commercial production.

These two important developments would enable the company to meet customers' commercial scale requirements for eLNO.

'These two developments that we have announced today demonstrate that we are well on track with the commercialisation of eLNO,' said Robert MacLeod, Chief Executive of Johnson Matthey.

'Having applied our world class science to create eLNO technology that outperforms the market for customers, we are commercialising our technology for them through flexible, scalable manufacturing capacity in Poland and a secure supply of vital lithium-based raw materials.'

'We are firmly delivering in line with our strategy for break out growth in Battery Materials and JM remains well placed for success as the global market for electric vehicles develops.' At 8:33am: (LON:JMAT) Johnson Matthey PLC share price was +77p at 3189p