Umicore: JV with Volkswagen
(CercleFinance.com) - PowerCo, Volkswagen Group's battery company, and the Belgian group Umicore are presenting their Brussels-based joint venture, INOWAY, which specialises in the large-scale industrial production, in Europe, of battery materials: cathode active materials (CAM) and precursor materials (PCAM).
Both companies aim to increase IONWAY's annual production capacity to 160 GWh p.a. by the end of the decade, equivalent to 2.2 million battery-powered electric vehicles.
IONWAY is designed to supply PowerCo's European battery cell plants with key battery materials and cover a large part of PowerCo's European demand, while providing Umicore with secure access to a large share of European demand for cathode materials for electric vehicles.
IONWAY is the first partnership of its kind between a European car manufacturer and one of the world's leading CAM producers, producing sustainable battery materials for the electric transition and a zero-emission future.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
Both companies aim to increase IONWAY's annual production capacity to 160 GWh p.a. by the end of the decade, equivalent to 2.2 million battery-powered electric vehicles.
IONWAY is designed to supply PowerCo's European battery cell plants with key battery materials and cover a large part of PowerCo's European demand, while providing Umicore with secure access to a large share of European demand for cathode materials for electric vehicles.
IONWAY is the first partnership of its kind between a European car manufacturer and one of the world's leading CAM producers, producing sustainable battery materials for the electric transition and a zero-emission future.
Copyright (c) 2023 CercleFinance.com. All rights reserved.