Volkswagen New Battery Joint Venture, named Ionway, aims to supply 2.2 million electric vehicles by 2030.
CTOnews.com October 7 news, Volkswagen Group battery business company PowerCo and Belgian materials company Umicore announced a few days ago, the two sides in the previously established battery materials joint venture officially named Ionway, headquartered in Brussels, Belgium, this is the first large-scale industrial production of positive active materials (CAM) and pre-mixed positive active materials (pCAM) for electric vehicles in Europe.
CTOnews.com noted that the two sides aim to increase Ionway's annual production capacity to 160 GWh by 2030, equivalent to the battery demand of 2.2 million electric vehicles.
Ionway aims to provide key battery materials for PowerCo's battery plants in Europe and to meet most of the needs of PowerCo in the European Union, while providing Umicore with access to the European market for cathode materials for electric vehicles.
Both PowerCo and Umicore are committed to expanding the EU's position in the electric travel business by establishing a regionalized, sustainable and transparent battery supply chain.
Positive active material is the key technical lever of battery performance, is the largest part of battery cost, and also determines the carbon footprint of battery. Therefore, they are strategic raw materials in battery value creation and are essential for sustainable electric travel transformation.
PowerCo, a wholly owned subsidiary of Volkswagen Group, was established in July 2022 and is currently under construction at a battery plant in Germany that will be put into production in 2025. In addition, PowerCo plans to build a number of battery plants in North America and Europe in the future, while supplying products from non-Volkswagen brands.
