PowerCo and Umicore Collaborate on IONWAY: A European Battery Materials Venture
October 6, 2023
PowerCo, affiliated with the Volkswagen Group, and global CAM producer Umicore have teamed up to launch IONWAY. This venture will cater to PowerCo's battery material needs for its European factories. In turn, Umicore gains a substantial segment of the European EV cathode materials market.
The partnership aims to bolster the EU's e-mobility sector by focusing on sustainable, regional battery supply chains. Cathode active materials, a core component in battery manufacturing, are at the forefront of this collaboration.
IONWAY intends to navigate the e-mobility transition using combined expertise. Thomas Jansseune, a Umicore veteran, takes the reins as IONWAY's CEO, with Achim Holzer, formerly of Volkswagen Group, as CFO.
