# Who are Umicore's customers? Who does Umicore earn revenue from?
Canonical: https://valuechain.wiki/umicore · Facet: customers · Updated: 2026-07-10T12:05:56.524+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Umicore's confirmed revenue counterparties include LG에너지솔루션, 삼성SDI plus 1 undisclosed/aggregate relationship. Per the valuechain.wiki graph: 3 revenue edges, backed by 6 dated sources, 1 of them primary filings (as of 2026-07-10).

### LG에너지솔루션 (high)  → /lg-energy-solution.md
- metric: volume 125,000 tonnes · 2020~ · NMC cathode long-term supply (signed by LG Chem)
- note: Umicore supplies NMC cathode active materials to LG Energy Solution under a long-term agreement concluded with LG Chem in 2018, covering around 125,000 tonnes.
- [confirms] Umicore (EN, ir, published 2018-04-25) https://www.umicore.com/en/newsroom/umicore-and-lg-chem-conclude-long-term-supply-agreement-for-nmc-cathode-materials/: "long-term supply agreement for NMC cathode materials"

### 삼성SDI (high)  → /samsung-sdi.md
- metric: supply volume 80,000 tonnes · multi-year from 2020 · contracted NMC cathode volume (~80,000 t)
- note: In October 2019 Umicore signed a multi-year strategic agreement to supply Samsung SDI with close to 80,000 tonnes of high-performance NMC cathode materials from 2020, mostly produced in Korea, primarily for automotive with a smaller share for energy storage. Samsung SDI is one of Umicore's long-standing key cathode customers and a flagship revenue counterparty for its battery materials business.
- [confirms] Umicore (EN, ir, published 2019-10-28) https://www.umicore.com/en/media/newsroom/umicore-announces-strategic-supply-agreement-with-samsung-sdi-for-nmc-cathode-materials/: "multi-year strategic agreement with Samsung SDI for the supply of close to 80,000 metric tonnes ... starting in 2020 ... with the majority of volumes initially produced in Korea"
- [confirms] Umicore South Korea (KO, ir, published 2019-10-24) https://www.umicore.kr/ko/news/sdi-nmc-/: "a multi-year strategic agreement to supply approximately 80,000 tonnes of high-performance NMC (nickel-manganese-cobalt) cathode materials from 2020"

### PowerCo (Volkswagen, IONWAY JV) (mid)
- metric: jv capacity target 160 GWh/year · target by end of decade · IONWAY targeted annual CAM production capacity
- note: In October 2023 Umicore and Volkswagen's battery unit PowerCo set up the Brussels-headquartered 50:50 JV IONWAY to mass-produce cathode active materials (CAM) and precursors (pCAM) in Europe, targeting 160 GWh/year (~2.2 million EVs). IONWAY supplies a large part of PowerCo's European cell plants, giving Umicore secured access to European EV cathode demand, though slowing VW EV demand has trimmed PowerCo's investment and capacity.
- [confirms] Umicore (EN, filing, published 2026-03-27) https://www.umicore.com/storage/umicore/umicore-esef-package-20251231-en.zip: "Limiting total investments over the 2025-2028 period to € 2.1 billion: € 1.6 billion in CAPEX, of which less than € 500 million in Battery Cathode Materials; equity contribution of around € 500 million to IONWAY."
- [confirms] Global Auto News (KO, news, published 2023-10-10) http://dpg.danawa.com/news/view?boardSeq=60&listSeq=5450257: "Volkswagen's battery unit PowerCo established IONWAY, a JV with Belgian materials firm Umicore to produce precursors and cathode active materials (CAM) ... annual capacity of 160 GWh ... about 2.2 million EVs"
- [confirms] Umicore (EN, ir, published 2023-10-06) https://www.umicore.com/en/media/newsroom/umicore-and-powerco-proudly-present-ionway/: "grow IONWAY's annual production capacity to 160 GWh per year by the end of the decade, corresponding to 2.2 million battery-electric vehicles ... supply PowerCo's European battery cell factories"

Reverse side: https://valuechain.wiki/umicore/suppliers.md · Ripple: https://valuechain.wiki/umicore/ripple.md

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Full node: https://valuechain.wiki/umicore.md · JSON: https://valuechain.wiki/umicore.json