Following on from other recent announcements in the field, Umicore has announced a 5-50, €3 billion joint venture to supply precursor and cathode material production to the European battery cell factories of PowerCo, the Volkswagen Group’s battery company. No site has yet been chosen.
This will begin in 2025 by supplying PowerCo’s factory in Salzgitter. They aim to reach 40 GWh cell/year capacity in 2026 and to quadruple that to 160 by 2030, depending on market and demand development. This would be equivalent to what is needed to power about 2.2 million full electric vehicles.