PowerCo establishes battery cathode materials joint venture, announces plans for Polish plant
By Bradley Osborne - 3rd November 2023
Computer-generated image of proposed plant in Nysa, Poland
Belgium / Poland – PowerCo SE, the battery subsidiary of automotive corporation Volkswagen AG (parent company of Traton) based in Salzgitter, Lower Saxony, Germany, has established a joint venture with Belgian metals and mining firm Umicore NV and announced plans for producing crucial battery materials at a proposed plant in Poland.
The new joint venture, called ‘Ionway’, was first proposed last year, following a deal between PowerCo and Umicore on materials supply in North America. Thomas Jansseune, who worked for 22 years at Umicore, took the helm of Ionway as CEO on 1 July 2023. Based in Brussels, the new joint venture will be responsible for producing precursor and cathode active materials for lithium-ion batteries at scale. The joint venture partners have not shared any information related to their respective investments or ownership stakes in the company.
