Volkswagen Signs Three Partnerships For Battery Technology Industrialization

German automaker Volkswagen AG (VKW.L,VLKAF.PK,VOW.BE) Wednesday said it has entered into three more strategic partnerships for the industrialization of battery technology and the volume production of more sustainable, cutting-edge batteries.

The new partners are materials technology group Umicore N.V., battery specialist 24M Technologies Inc., and cleantech company Vulcan Energy Resources Ltd.

Volkswagen said it is consistently implementing its technology roadmap for the in-house development and production of battery cells, as presented at its Power Day earlier this year. In Europe alone, the company plans to build six Gigafactories by 2030.

With Umicore, Volkswagen plans to establish a joint venture designed to supply its European cell factories with cathode materials. The JV would support Volkswagen in establishing a European battery supply chain.

The companies intend to gradually ramp up the JV's production capacity, starting in 2025 with initial production of 20 GWh for the Volkswagen gigafactory in Salzgitter, Germany. Ultimately, annual production capacity is expected to reach up to 160 GWh by the end of the decade or, in other words, an annual production capacity to power approximately 2.2 million BEVs.

Further, Volkswagen is investing into Cambridge-based battery start-up 24M, a spin-off from the Massachusetts Institute of Technology or MIT, in order to develop cutting-edge production technology for its cell plants.

A new Volkswagen-owned subsidiary will further develop and upscale the technology for automotive applications based on 24M Ips. Completion of the transaction is subject to customary closing conditions.

Volkswagen also signed an agreement with Vulcan Energy Resources Ltd regarding the supply of CO2-neutral lithium from the Upper Rhine Valley in Germany. The binding contract focuses on providing lithium hydroxide over a period of five years starting 2026.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Luxury electric car maker Tesla Inc. has produced more than 3 million vehicles, of which 1 million in Shanghai Gigafactory, according to its founder and Chief Executive Officer Elon Musk. In a tweet on Sunday, Musk said, "Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3M." King's Hawaiian is recalling its Pretzel Slider Buns, Pretzel Hamburger Buns and Pretzel Bites products as they contain one ingredient already recalled by Lyons Magnus, the U.S. Food And Drug Administration said. The Pretzel recall was initiated out of an abundance of caution after one of its supplier Lyons Magnus recently called back various nutritional and beverage products. German consumer goods maker Henkel AG & Co. reported Monday weak profit in its first half amid increasing costs, despite growth in sales. Further, the company maintained its adjusted earnings forecast for fiscal 2022, but raised outlook for organic sales growth.For fiscal 2022, the company continues to expect adjusted earnings per preferred share to decline in the range of 15 percent to 35 percent
Follow RTT