Umicore and Volkswagen AG plan to establish a joint venture (JV) to build up precursor and cathode material production capacities in Europe in order to supply Volkswagen AG’s European battery cell production.
According to the companies, this partnership will be the first of its kind in the European automotive market.
Plans are to gradually increase precursor and cathode material production capacity from 2025 with an initial annual production of 20 GWh for Volkswagen AG’s plant in Salzgitter, Germany. This could grow to an annual production capacity of up to 160 GWh by the end of the decade.
Umicore and Volkswagen AG say that they will also ensure sustainable and responsible sourcing of raw materials and plan to include, at a later stage, elements of refining and battery recycling.