Umicore, Volkswagen Set Up Joint Venture for Battery-Cell Materials
08 December 2021 - 7:06PM
Dow Jones News
By Kim Richters
Umicore SA and Volkswagen AG are setting up a joint venture to
supply the car maker's European battery-cell production with
cathode materials, the companies said on Wednesday.
The deal "aims at jointly building up precursor and cathode
material production capacities in Europe, and sustainably securing
responsibly sourced raw material capacities at competitive prices,"
said Volkswagen.
The companies plan to ramp up the joint venture's production
capacity gradually, which will start in 2025 with initial annual
production of 20 gigawatt hours for the auto maker's plant in
Salzgitter, Germany.
Volkswagen also said Wednesday that it agreed to additional
strategic partnerships related to battery technology. The car maker
said it is investing in battery startup 24M Technologies Inc. and
has agreed with Vulcan Energy Resources Ltd. on the supply of
CO2-neutral lithium from the Upper Rhine Valley in Germany.
Volkswagen didn't disclose financial terms of the deals.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
December 08, 2021 02:51 ET (07:51 GMT)
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