The Volkswagen Group has taken a new and important step forward in its ambitious electrification strategy. To push on mobility electricity requires having an increasing number of batteries. To produce them & egrave; it is necessary to be able to count on adequate availability; of specific materials.
Now, & egrave; came the news that PowerCo, the new company & agrave; of the German Group that will take care of of batteries, has created a joint venture with Umicore which will have; the goal of going to produce cathode material for the construction of cells.
THE JOINT VENTURE 
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From 2025 onwards, the joint venture will provide; key materials to PowerCo's European battery cell factories. By the end of the decade, the partners aim to make cathode material that will allow; to make possible a production of cells equal to 160 GWh per year which corresponds to about 2.2 million electric cars. For 2026, the aim is to reach a production of cathode material that will allow; to be able to build 40 GWh of cells.
Where will it be? built the joint venture factory? At the moment a site still would not have been identified. Under the terms of the agreement, both partners will jointly control the Joint Venture and will equally share costs, investments, revenues and profits. The Volkswagen Group and Umicore will invest a total of 3 billion euros in this joint venture.
The partnership will provide; at PowerCo, on a large scale, secure and cost-competitive access to materials for battery manufacturing. For Umicore, on the other hand, the joint venture will mean & agrave; secure access to an important part of the European demand for cathode materials for electric vehicles.
A very important piece of news that once again highlights the great effort of the German Group to carry out its plan of electrification. Thomas Schmall , member of the board of directors of the Volkswagen Group, commented:
The cathode material & egrave; an indispensable strategic resource for the production of batteries. Immediate and long-term access to a large capacity of such material & egrave; therefore a clear competitive advantage. We are creating a sustainable and transparent supply chain with high environmental and social standards, locating the creation here in Europe.
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