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Energy Storage

Umicore and VW form lithium-ion battery venture

by Alex Scott
October 1, 2022 | A version of this story appeared in Volume 100, Issue 35
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The metal processor Umicore and Volkswagen’s battery business, PowerCo, have formed a joint venture firm to make cathode active materials and their precursors in Europe. The companies will invest $2.9 billion in the business and plan to be supplying key battery materials by 2025. By the end of the decade, the venture aims to be producing 160 GW h of batteries each year, enough for about 2.2 million electric vehicles. At a later stage, the partners plan to work together on raw material refining and battery recycling.

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