Salzgitter/St.Thomas, Ontario. Volkswagen Group-owned battery company PowerCo SE steps up its activities in Canada. Ramping up its cell production activities in Europe and North America, the site of its future cell gigafactory in St. Thomas, Ontario, is now prepared for groundbreaking and start of construction in 2024. Sebastian Wolf, Chief Operations Officer of PowerCo SE, said at an event on site: “We are fully on track. Site preparation, the first phase of Gigafactory St. Thomas, has been completed.
Salzgitter/St.Thomas, Ontario. Volkswagen Group-owned battery company PowerCo SE steps up its activities in Canada. Ramping up its cell production activities in Europe and North America, the site of its future cell gigafactory in St. Thomas, Ontario, is now prepared for groundbreaking and start of construction in 2024. Sebastian Wolf, Chief Operations Officer of PowerCo SE, said at an event on site: “We are fully on track. Site preparation, the first phase of Gigafactory St. Thomas, has been completed.
Volkswagen Group is receiving extremely high interest from investors for a stock market listing of its battery unit PowerCo, the chairman of the automaker's largest shareholder Porsche SE said.
Volkswagen Group plans to invest in mines to bring down the cost of battery cells, meet half of its own demand and sell to third-party customers, Thomas Schmall, the automaker's technology chief, said.
The automaker and its in-house battery subsidiary PowerCo announced the landmark investment in St. Thomas, Ontario, midway between Toronto and Windsor. Financial details about the plant were not immediately disclosed.
The company and its in-house battery subsidiary PowerCo on Monday announced the landmark investment in the southwestern Ontario city midway between Toronto and Windsor.
Volkswagen Group has announced it is postponing its decision on where to build a planned battery cell gigafactory in eastern Europe beyond 2022.
The automaker cited economic uncertainty and high energy prices when making the announcement on December 8. In a statement to Reuters, the company said it is still evaluating sites for its future battery gigafactory.
