Press Release
6 October 2023 – 10:30 CEST
- Joint venture named IONWAY, a start-up with a head start, backed by Umicore and Volkswagen’s battery maker PowerCo
- Large-scale production of sustainable battery materials for electric vehicles (EVs): precursors (pCAM) and cathode active materials (CAM)
- CEO Thomas Jansseune of Umicore and CFO Achim Holzer of PowerCo to swiftly ramp-up industrialization of most valuable battery asset
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.
Mathias Miedreich, CEO of Umicore.IONWAY is a start-up with a significant head start, because our partnership is built on solid foundations with Volkswagen’s PowerCo and Umicore, key players in the electric mobility transformation. IONWAY will no doubt grow into an industry reference in e-mobility, boosting innovation, creating hundreds of highly skilled jobs and make the energy transition happen.
PowerCo CPO Jörg TeichmannThrough IONWAY, PowerCo reaches another milestone of our strategy to vertically integrate the battery supply chain. Together with our trusted partner Umicore, we source our own key cell production materials at reasonable prices. Secure access allows PowerCo to supply cost-competitive battery cells to Volkswagen Group for years to come ‒ enabling its brands to offer attractive, affordable EVs to its customers.
IONWAY CEO Thomas JansseuneThe foundation of IONWAY sends a strong signal for the roll-out of battery cell technology in Europe. We believe this company will provide important building blocks in helping the European Union to achieve its Green Deal ambitions.
IONWAY – name and logo in more detail
IONWAY’s head start lies in its unique advantage of having the support of Umicore and Volkswagen’s PowerCo, companies with a renowned track record in battery materials for electric vehicles, in automotive and in automotive batteries.
In the logo, the connecting circles in the small-cap “i” symbolize the close partnership and connection between Umicore and PowerCo to shape the electric vehicle battery industry in a fast-evolving market. The logo’s tagline “Synergy for Energy” clarifies IONWAY’s role in making the energy transition happen. The joint efforts will have a huge impact and this tagline manifests the JV’s higher purpose.
For more information contact:
Diana Horghidan
Global Communications Manager – IONWAY
Phone +32 (0) 485 720334
Email diana.horghidan@ionway.com
About PowerCO
The Volkswagen Group is bundling its global battery activities in the European company (SE) PowerCo.
From Salzgitter, the company manages international factory operations, the further development of cell technology, the vertical integration of the value chain and the supply of machinery and equipment to the factories. Looking ahead, further products such as major storage systems for the energy grid are planned.
Since its launch in July 2022, PowerCo has already decided three gigafactory locations: Salzgitter in Germany, Valencia in Spain and St. Thomas in Canada. The company plans to set up cell factories with a total capacity of 240 GWh/year in 2030.
For more information contact:
Dr. Stefan Ernst
Spokesperson Battery|Volkswagen Group Technology – IONWAY
Phone +49 5361 9 960976
Email stefan.ernst1@volkswagen.de
About UMICORE
Umicore is a leading circular materials technology Group. It focuses on application areas where its expertise in materials science, chemistry and metallurgy makes a real difference. Its activities are organized in three business groups: Catalysis, Energy & Surface Technologies and Recycling. Each business group is divided into market-focused business units offering materials and solutions that are at the cutting edge of new technological developments and essential to everyday life.
Umicore generates the majority of its revenues and dedicates most of its R&D efforts to clean mobility materials and recycling. Umicore’s overriding goal of sustainable value creation is based on an ambition to develop, produce and recycle materials in a way that fulfils its mission: materials for a better life.
Umicore’s industrial and commercial operations as well as R&D activities are located across the world to best serve its global customer base. The Group generated revenues (excluding metal) of € 4.2 billion (turnover of € 25.4 billion) in 2022 and currently employs more than 11,000 people.
For more information contact:
Media Relations
Marjolein Scheers
Director External Relations
Phone +32 2 227 71 47
Email marjolein.scheers@umicore.com
Caroline Jacobs
Media Relations Manager
Phone +32 2 227 7129
Email caroline.jacobs@eu.umicore.com
Investor Relations
Caroline Kerremans
Head of Investor Relations
T: +32 2 227 72 21
caroline.kerremans@umicore.com
Eva Behaeghe
Senior Investor Relations Manager
Phone +32 2 227 70 68
Email eva.behaeghe@umicore.com
Adrien Raicher
Investor Relations Manager
Phone +32 2 227 74 34
Email adrien.raicher@umicore.com
Benoît Mathieu
Investor Relations Manager
Phone +32 2 227 72 21
Email benoit.mathieu@eu.umicore.com