UMICY Umicore SA (PK)

By Andrea Figueras

Ionway, the electric-vehicle battery materials joint venture of Umicore and Volkswagen's PowerCo, plans to build its first cathode-active-material (CAM) plant in Nysa, Poland.

The facility will be adjacent to Umicore's existing CAM plant, which will allow Ionway to benefit from Umicore's know-how and to access renewable energy to power its production, the joint venture said over the weekend.

The construction of the plant will start once Ionway gets the corresponding permits, a process that it said is ongoing.

The investment in Poland will create about 900 jobs in Nysa toward the end of the decade and will receive support from the Polish government, which is offering 350 million euros ($370.6 million) in cash grants for a total investment of up to EUR1.7 billion (reduced to EUR1.35 billion after grants) by the end of the decade.

Ionway aims to grow its annual production capacity to 160 gigawatt-hour by the end of the decade, which corresponds to 2.2 million battery-electric vehicles, it said.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

October 09, 2023 01:47 ET (05:47 GMT)

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