UMICY Umicore SA (PK)

1033 GMT - Umicore SA is among the most mentioned companies across news items over the past 12 hours, according to Factiva data, after the Belgian company on Monday announced more details for a joint venture with Volkswagen AG's battery company, PowerCo. With an investment of EUR3 billion, the joint venture will produce battery materials from 2025 and will have an annual production capacity large enough to power about 2.2 million full-electric vehicles by the end of the decade. The production of the joint venture will cover two thirds of Volkswagen's need for cathodes and will initially supply the German car maker's facility in Salzgitter, ING analyst Stijn Demeester said in a research note. The deal marks a major milestone for the Brussels-based materials technology company and is a major vote of confidence in its competitive position, Citi analysts said in a research note. Volkswagen and Umicore first announced their collaboration in December last year. Dow Jones & Co. owns Factiva. (pierre.bertrand@wsj.com)

(END) Dow Jones Newswires

September 27, 2022 06:49 ET (10:49 GMT)

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