Volkswagen’s PowerCo Is Taking Off
Mission SalzGiga: Ceremonial start of construction for the cell factory in Salzgitter Last year, Volkswagen started a new battery production company that would operate under the VW umbrella: PowerCo. Now, in March 2023, several announcements by the company show that it’s actually taking steps to become a serious player in the battery industry.
The company’s purpose is overseeing global factory operations, enhancing the development of cell technology, vertically integrating the value chain, and supplying machinery and equipment to the factories. PowerCo plans to expand its offerings in the future, which may also include large energy storage systems for the power grid.
Another big goal for PowerCo is standardization. VW announced that all vehicles, across all brands, will be moving to a unified battery cell design, built by PowerCo. PowerCo is committed to standardizing not only equipment, buildings, and infrastructure, but also products, processes, and IT, ensuring that factories are equipped with streamlined systems that facilitate swift production innovation as the need arises.
Starting in 2025, PowerCo and Umicore’s joint venture will supply PowerCo’s European battery cell factories with critical materials necessary for production. Based in Brussels, the partnership will cater to a considerable proportion of PowerCo’s EU requirements and guarantee Umicore with access to a significant share of Europe’s EV cathode materials demand.
In the presence of His Majesty King Felipe VI, Spain’s President Pedro Sánchez, and Ximo Puig, President of the Valencian Generalitat, PowerCo initiated construction of its second cell factory in the municipality of Valencia.
Gigafactory Valencia serves as a cornerstone of VW’s “Future: Fast Forward” program, a €10 billion investment effort introduced by Volkswagen Group in collaboration with PowerCo, Spanish affiliate SEAT S.A., and 49 co-funders. The initiative includes Volkswagen’s plans to electrify locations in Martorell and Pamplona as part of the PERTE initiative for electric and connected vehicles.
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