Shares in chemicals company Johnson Matthey soared nearly 15 percent on Wednesday, on news that it would be expanding its battery material business in order to take a slice of the growing electric vehicle market.

Johnson Matthey announced their plan to spend £200 million on investing in its battery material technology business, with the overall market likely to be worth more than $30 billion as more and more carmakers prioritise the production of electric models.

The company’s plan to “future proof” the business will begin next year and trial for two or three years, with money going into improving the technology behind the cathodes it makes for batteries that can be used in electric vehicles.

Alongside the announcement the company confirmed its overall guidance for the year, with chief executive Robert MacLeod commenting:

“We want to be able to produce about 10,000 tons of material for cathodes a year in a market that could be several millions of tons.

“We want to play in the high-quality end of the market, and not the commodity end. Our products would probably used in very high-end batteries such as those required to run very long distances.”

Shares in the company are currently trading up 13.56 percent at 3,359.00 (1545GMT).