The companies are searching for a location to base the production facility while the joint venture will be headquartered in Brussels and with each partner holding an equal stake and share costs, investments and profits.

Umicore will contribute intellectual property through a license agreement as well as its upstream expertise and gain a source of secured demand through firm take-or-pay contracts with Volkswagen, the statement said. The company has set a target of achieving net zero greenhouse gas emissions by 2035, its website says.