Umicore

Volkswagen’s new battery company, PowerCo, announced Monday that it would be forming a joint venture with Umicore to produce battery materials for around 2.2 million EVs. The new joint venture is a significant milestone, establishing one of the first fully integrated auto supply chains as VW looks to ramp up EV sales.

The Volkswagen Group has announced three separate, yet simultaneous partnerships with companies specializing in battery development. These agreements include materials technology group Umicore, battery specialists 24M Technologies, and lithium producer Vulcan Energy Resources Ltd. Volkswagen looks to utilize these new partnerships to further the development of its own in-house EV battery cells.