According to the companies, the JV will supply materials to PowerCo's European battery cell factories from 2025. In total they plan to invest around €3 billion in production.
By 2030, Umicore and PowerCo aim to produce cathode materials and their precursors for 160 GWh cell capacity per year, capable of powering about 2.2 million full electric vehicles.
The companies says that they will also focus on sustainable and responsible sourcing of raw materials. Umicore will also provide “refining services” to PowerCo.
"Cathode material is an indispensable strategic resource for battery production, accounting for roughly 50% of overall cell value,” said Thomas Schmall, chairman of PowerCo. “We are setting up a sustainable, transparent supply chain with high environmental and social standards, localizing value creation here in Europe.”
The name of the JV will be decided later, the companies say.
