PowerCo was established by Volkswagen in 2022 and focuses on scaling up global battery cell production through its oversight of factory operations, cell technology innovation, and integration of the battery value chain. With gigafactories planned in Salzgitter, Germany; Valencia, Spain; and St. Thomas, Canada, PowerCo aims to achieve a combined production capacity of up to 200 GWh annually. This partnership builds on a non-exclusive Testing and Development Agreement signed between the two companies in March 2024, further strengthening their collaborative efforts.
NOVONIX’s Riverside facility, set to become North America’s first large-scale producer of high-performance synthetic graphite for batteries, is on track to commence commercial production in 2025. With an initial output target of 20,000 tonnes per annum (“tpa”), the facility is designed to meet growing customer demand. The project is supported by a US$100 million grant from the U.S. Department of Energy’s Office of Manufacturing and Energy Supply Chains (MESC) and a US$103 million investment tax credit, ensuring robust funding for its development and expansion.
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