PowerCo, a battery subsidiary of the Volkswagen Group, and Umicore, a Belgian materials technology company, have announced that the battery materials joint venture they announced a year ago will be officially named IONWAY. IONWAY is headquartered in Brussels, Belgium, close to Umicore's headquarters, which is also located in Brussels. The company will industrialize large-scale production of cathode active materials (CAM) and premixed cathode active materials (pCAM) for electric vehicles in Europe.
The company aims to supply key battery materials to PowerCo's battery factories in Europe and meet the majority of PowerCo's needs in the EU.
It is reported that PowerCo’s global headquarters is located in Salzgitter, close to its German battery factory that will lay the foundation in July 2022. Umicore was founded in 1805 and is mainly engaged in the production, comprehensive recycling and sales of non-ferrous metals and related products.
PowerCo and Umicore aim to increase IONWAY's annual production capacity to 160GWh by 2030, equivalent to the battery needs of 2.2 million electric vehicles.
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