- Volkswagen AG’s (OTC:VWAGY) new battery company PowerCo and Belgian circular materials technology group Umicore have formed a joint venture to produce battery precursor and cathode material in Europe.
- The parties will invest €3 billion ($2.9 billion) in the joint venture and equally share costs, investments and profits.
- The partners aim to produce cathode material and their precursors for 160 GWh cell capacity per year.
- From 2025 onwards, the joint venture will supply PowerCo’s European battery cell factories with key materials.
- Cathode active materials are crucial for a powertrain transition towards e-mobility as they are the key technological lever for battery performance, as well as the biggest single contributor to overall battery cost.
- Production is scheduled to start in 2025 to supply PowerCo’s Salzgitter factory, reaching an annual capacity of 40 GWh in 2026.
- “By building up substantial production capacities, we are securing the rapidly growing demand for battery-grade materials for our main customer Volkswagen AG in terms of volume and at optimal cost,” said PowerCo CEO Frank Blome.
- Price Action: VWAGY shares closed lower by 4.64% at $18.59 on Friday.
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