(CercleFinance.com) – PowerCo, the Volkswagen Group’s battery company, and the Belgian group Umicore present their Brussels joint venture, INOWAY, specializing in the large-scale industrial production in Europe of battery materials: cathode assets (CAM) and precursor materials (PCAM).
The two companies aim to increase IONWAY’s annual production capacity to 160 GWh per year by the end of the decade, corresponding to 2.2 million battery electric vehicles.
IONWAY is designed to supply PowerCo’s European battery cell factories with key battery materials and cover a large portion of PowerCo’s European demand, while providing Umicore with secure access to a significant portion of European demand for cathode materials for electric vehicles.
IONWAY is the first partnership of its kind between a European-based automaker and one of the world’s leading CAM producers, producing sustainable battery materials for the electric transition and a zero-emission future.
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