# PowerCo and Umicore form joint venture for battery materials production

PowerCo and Umicore announced a joint venture to produce precursor and cathode materials in Europe, with EUR 3 billion investment, aiming to supply PowerCo's gigafactories from 2025.

- Type: Partnership
- Announced: 2022-09-26
- Where: Brussels, Belgium
- Value: $3.00B (3.00B EUR)
- Status: announced
- Capacity: cathode materials for 2.2 million electric cars per year
- Products: precursor and cathode materials for batteries
- Sectors: [Specialty Chemicals](https://endata.com/sectors/specialty-chemicals.md)

## Companies

- [Umicore](https://endata.com/companies/19787.md) (partner)
- [PowerCo](https://endata.com/companies/65548.md) (partner)

## Sources

- [volkswagen-group.com](https://www.volkswagen-group.com/en/press-releases/powerco-and-umicore-establish-joint-venture-for-european-battery-materials-production-16555), 2022-09-26: "From 2025 onwards, the joint venture will supply PowerCo's European battery cell factories with key materials."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.