By Pierre Bertrand

Umicore said that its electric-vehicle battery materials joint venture with Volkswagen's PowerCo will be called Ionway.

The Brussels-headquartered company will supply the factories of PowerCo, Volkswagen's battery maker, with key materials and will cover a large part of PowerCo's demand in the European Union, Umicore said.

Ionway will also provide Umicore with access to a so-called "important part" of the European demand for electric vehicle cathode materials, the company added.

Ionway's annual production capacity is expected to reach 160 gigawatt-hours by the end of the decade, the equivalent to 2.2 million battery-electric vehicles, Umicore said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

October 06, 2023 05:03 ET (09:03 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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