Umicore and PowerCo joint venture plans to produce high-performance cathode materials and precursors

IONWAY, a joint venture between Umicore and Volkswagen Group's battery business PowerCo, announced that it will start producing battery precursors and cathode materials from 2025. The two parties will jointly invest 3 billion euros and share costs, investments, revenues and profits equally. IONWAY's goal is to reach 160 GWh of battery production capacity of precursors and cathode materials by 2030.