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

September 26, 2022 03:25 ET (07:25 GMT)

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