Battery material producer and recycler Umicore will establish a joint venture with Volkswagen for production of precursors and cathode material in Europe for supply to Volkswagen's European battery cell production.
The intention is to gradually ramp up the JV’s precursor and cathode material production capacity. This would start in 2025 with an initial annual production of 20 GWh for Volkswagen AG’s plant in Salzgitter, Germany, and should grow to an annual production capacity of up to 160 GWh by the end of the decade. This compares to an annual production capacity capable of powering about 2.2 million full electric vehicles.
According to the companies the JV may also, at a later stage include elements of refining and battery recycling. The planned JV is subject to final agreements and customary conditions, including regulatory approvals.
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