London, 9 October 2023, (Oilandgaspress) – Umicore and Volkswagen Group-backed battery company PowerCo are proud to announce the name and branding of their first-of-its kind cooperation. Their Brussels-headquartered joint venture for large-scale industrial production of CAM and pCAM in Europe will bear the name IONWAY.
IONWAY is designed to supply PowerCo’s European battery cell factories with key battery materials and cover a large part of PowerCo’s EU demand, while providing Umicore with secured access to an important part of the European demand for EV cathode materials. Both parents aim to grow IONWAY’s annual production capacity to 160 GWh by the end of the decade, corresponding to 2.2 million battery-electric vehicles.
IONWAY is the first-of-its-kind partnership between a car manufacturer based in Europe and a global leading producer of CAM, producing sustainable battery materials for the EV transition and a zero-emission future. Both parent companies are deeply committed to scaling up the EU footprint in the e-mobility business by establishing regional, sustainable and transparent battery supply chains.
Cathode active materials are the key technological lever for battery performance, they are the single biggest contributor to overall battery cost and define its carbon footprint. They are thus strategically important input materials central to battery value creation, and crucial for a successful powertrain transition towards sustainable e-mobility.
IONWAY will combine the resources and know-how that propel this transition and make sustainable progress accessible, banding together to build a new momentum with high-performance battery technology in a powerful partnership.
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