Volkswagen's battery company joins a joint venture with a Belgian company to jointly build Ionway, committed to innovative breakthroughs in the field of battery materials

According to news on October 7, PowerCo, a battery business company of the Volkswagen Group, and Umicore, a Belgian materials company, recently announced that their joint venture battery materials company has been officially named Ionway and is headquartered in Brussels, Belgium. This cooperation project marks the official launch of Europe's first large-scale industrial production of cathode active materials (CAM) and premixed cathode active materials (pCAM) for electric vehicles.

It is understood that PowerCo and Umicore’s cooperation goal is to increase Ionway’s annual production capacity to 160 GWh by 2030, which is equivalent to batteries for 2.2 million electric vehicles. need. Ionway's mission is to provide key battery materials to PowerCo's battery factories in Europe, while meeting PowerCo's needs in the EU market, while also providing Umicore with security to enter the European electric vehicle cathode material market

Cathode active materials are considered one of the key factors in battery performance. They account for the largest portion of a battery's cost and largely impact a battery's carbon footprint. Therefore, these materials are of strategic importance in achieving a sustainable electric mobility transition

PowerCo is a wholly-owned subsidiary of the Volkswagen Group. It was established in July 2022 and is currently building a battery factory in Germany. It is planned to be put into production in 2025. In addition, PowerCo also plans to build multiple battery factories in North America and Europe in the future to supply non-Volkswagen Group brand products. This initiative aims to expand the EU's market share in the field of electric mobility, while promoting the establishment of a sustainable and transparent battery supply chain to contribute to the sustainable development of electric mobility

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