PowerCo, the new battery company of the Volkswagen Group, is partnering with Belgian circular materials technology group Umicore to produce precursor and cathode material in Europe. The joint venture will begin to supply essential components to PowerCo's battery cell plants in Europe in 2025. The partnership will benefit the six battery plants in Europe that Volkswagen aims to build by the end of FY2030.
The partners intend to produce cathode material and their precursors for 160GWh of annual cell capacity by the end of the decade by investing EUR3 billion, which is equivalent to an annual production capacity that could power 2.2 million fully electric automobiles. Cathode active materials are essential for a successful powertrain transition to e-mobility. The company’s report for 2021 revealed that Volkswagen Group dominated the European market for EVs with a share of 25% and was in second place in the US with 7.5%.
PowerCo is a 100% owned subsidiary of Volkswagen that was established in July 2022 to handle the automaker’s global battery operations. Deals ranged between $29,752 million in 2018 and $16,648 in 2021. Deals valued at $3,561 million were recorded so far in 2022 and are expected to stay within the range.
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