Umicore and PowerCo, the battery company backed by the Volkswagen Group, have unveiled the name and brand of their groundbreaking cooperation.
Their Brussels-based joint venture for large-scale production of CAM and pCAM in Europe will be known as IONWAY.
Both parent companies aim to increase IONWAY’s annual production capacity to 160 GWh by the end of the decade, equivalent to powering 2.2 million battery electric vehicles.
IONWAY is designed to supply PowerCo’s European battery cell factories with key battery materials while covering a substantial portion of PowerCo’s demand in the EU.
Simultaneously, it will provide Umicore secure access to a significant portion of the European demand for electric vehicle cathode materials.
This marks the first-of-its-kind partnership between a European-based car manufacturer and a leading global producer of CAM, which manufactures sustainable battery materials for the transition to electric and emission-free vehicles.
Both parent companies are deeply committed to expanding the EU’s footprint in the electric mobility business by establishing regional, sustainable, and transparent battery supply chains.
Cathode active materials are the critical technological lever for battery performance, represent the largest contributor to the overall battery cost, and define its carbon footprint.
Therefore, they are strategically important input materials for creating battery value and crucial for a successful transition of the propulsion system toward sustainable electric mobility.
IONWAY will combine the resources and expertise driving this transition and make sustainable progress accessible, uniting to push forward high-performance battery technology in a powerful partnership.
Frank Blome, CEO of PowerCo, says: “Together with our trusted partner Umicore, we obtain our own key materials for cell production at reasonable prices.”
“Secure access will enable PowerCo to supply battery cells at competitive prices to the Volkswagen Group in the coming years, allowing its brands to offer attractive and affordable electric vehicles to its customers,” he adds.
Mathias Miedreich, CEO of Umicore, comments: “IONWAY is a startup with significant leverage because our partnership is based on strong foundations with PowerCo from Volkswagen and Umicore, key players in the transformation of electric mobility.”
“Without a doubt, IONWAY will become an industry benchmark in electric mobility, driving innovation, creating hundreds of highly skilled jobs, and realizing the energy transition,” he adds.
Thomas Jansseune, CEO of IONWAY, says: “The founding of IONWAY sends a strong signal for the deployment of battery cell technology in Europe.”
“We believe this enterprise will provide crucial pillars to help the European Union achieve its Green Deal ambitions,” he adds.
IONWAY embodies the pioneering spirit of leading the way in the transition to clean electric mobility and an emission-free future.
IONWAY’s advantage lies in its unique backing by the Volkswagen Group’s battery company, PowerCo, and Umicore, companies with a recognized track record in battery materials for electric vehicles, automotive, and automotive batteries.
In the logo, the connecting circles in the lowercase “i” symbolize the close partnership and connection between PowerCo and Umicore to shape the electric vehicle battery industry in a rapidly evolving market.
The logo’s slogan “Synergy for Energy” clarifies IONWAY’s role in making the energy transition a reality.
Joint efforts will have a significant impact, and this slogan expresses the joint venture’s higher purpose.