Umicore: stock recharged on JV with PowerCo
(CercleFinance.com) - Umicore and PowerCo, the new battery company of Volkswagen Group, today announced the creation of a joint venture for the production of precursor and cathode materials in Europe.
From 2025 onwards, the joint venture will supply PowerCo's European battery cell plants with key materials.
The partners aim to produce cathode materials and their precursors for 160 GWh of cell capacity per year by the end of the decade. Active cathode materials are essential for the transition of powertrains to e-mobility.
Umicore shares are being recharged this morning - up over 1.5%, outperforming a dull Belgian market by about 2% in the first hour of trading.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
From 2025 onwards, the joint venture will supply PowerCo's European battery cell plants with key materials.
The partners aim to produce cathode materials and their precursors for 160 GWh of cell capacity per year by the end of the decade. Active cathode materials are essential for the transition of powertrains to e-mobility.
Umicore shares are being recharged this morning - up over 1.5%, outperforming a dull Belgian market by about 2% in the first hour of trading.
Copyright (c) 2022 CercleFinance.com. All rights reserved.