Volkswagen: creates JV with PowerCo
(CercleFinance.com) - Volkswagen has announced that PowerCo, its new battery company, and Umicore, the Belgian circular materials technology group, will create a 50/50 joint venture dedicated to the production of precursor and cathode materials in Europe.
Cathode-active materials are crucial for a successful transition of the powertrain to e-mobility as they are the key technology lever for battery performance, as well as the largest contributor to the overall battery cost, the German carmaker said.
The joint venture is expected to start production in 2025 with an annual capacity of 40 GWh from 2026. Both partners then aim to increase annual production capacity to 160 GWh by the end of the decade, depending on market and demand development.
VW shares are pretty flat at present, while UCB shares are being fully recharged - up almost 3.5% at 11 am.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
Cathode-active materials are crucial for a successful transition of the powertrain to e-mobility as they are the key technology lever for battery performance, as well as the largest contributor to the overall battery cost, the German carmaker said.
The joint venture is expected to start production in 2025 with an annual capacity of 40 GWh from 2026. Both partners then aim to increase annual production capacity to 160 GWh by the end of the decade, depending on market and demand development.
VW shares are pretty flat at present, while UCB shares are being fully recharged - up almost 3.5% at 11 am.
Copyright (c) 2022 CercleFinance.com. All rights reserved.