From 2025, the joint venture will supply PowerCo’s European battery cell factories with key materials.
The partners want to produce by the end of the decade cathode materials and their precursors for a capacity of 160 GWh of cells per year. Active cathode materials are essential for the transition of powertrains to e-mobility.
“The cathode material is a strategic resource for battery production,” said Thomas Schmall, Volkswagen Group Board Member, Technology Officer and Chairman of PowerCo’s Supervisory Board. ‘Immediate and long-term access to vast capacity is a very clear competitive advantage.’
According to the agreement, the two partners will control the joint venture and share the costs, investments, revenues and profits equally. Together, they plan to invest 3 billion euros in new materials production capacities.
Copyright (c) 2022 CercleFinance.com. All rights reserved.