Multinational material technology firm Umicore N.V. is set to establish a joint venture to build up precursor and cathode material production capacities with Volkswagen AG, the company announced in a statement.
- The joint venture will cover next-generation technologies, including a significant portion of high-nickel chemistries. It will boost efforts to achieve the goals of the European Green Deal, including the development of a sustainable battery supply chain.
- The partnership will gradually boost the joint venture’s precursor and cathode material production capacity and will start with an initial annual production of 20 GWh for Volkwagen’s plant in Germany in 2025.
- The production is set to an annual capacity of up to 160 GWh by the end of the decade, versus the annual production capacity capable of powering about 2.2 million full-electric vehicles.
Both firms will also collaborate on the sustainable sourcing of raw materials, with a later aim to include elements of refining and battery recycling. UMI is down 7.09%, while VWAGY is up 3.40%.