By Pierre Bertrand
Umicore SA and Volkswagen AG's battery company PowerCo have established a joint venture to produce battery materials in Europe, they said Monday.
The companies said 3 billion euros ($2.91 billion) will be invested in the Brussels-based venture, which aims to have a production capacity for 2.2 million fully electric cars by 2030.
Production is scheduled to start in 2025 but a location for the production site hasn't yet been found, the German car maker and the Belgian chemicals and recycling group said.
The joint venture will supply a large part of PowerCo's European gigafactories and secure Umicore's access to European demand for electric-vehicle battery materials.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
09-26-22 0325ET