IONCOR was launched as an independent company in September 2024, continuing operations of Valmet Automotive’s battery systems business line, which was started in 2018. Every year since, the company has succeeded in increasing its sales value, a remarkable achievement in the recently tumultuous automotive business environment.

The success of 2024 is due to the strong cooperation with automotive customers and an increasingly versatile range of company’s own products, services and business models. The share of high-voltage battery systems grew while the engineering and testing services were expanded. Consequently, 2024 marked the second consecutive year with IONCOR gross sales of more than EUR 1 billion.

• I want to thank the whole IONCOR team for the great achievements in 2024. These are proofs of the technical know-how and excellent quality that our international team consisting of around 60 nationalities possess, consolidating our position as one of the leading European battery systems suppliers with a strong strategy and view to the future, says Roberts Abele, CEO, IONCOR.

IONCOR has grown rapidly with large investments into its operative base. Today, the company has engineering, testing and production sites in seven locations across Finland and Germany. This setup enables IONCOR to provide customers with services that cover the complete battery systems value chain.

IONCOR is moving forward with the planned strategic change, extending the customer base beyond the automotive industry and increasingly focusing on company’s own battery system products for bus, truck, and off-highway segments. Still largely in the initial phases of electrification, these segments promise high growth potential now and far into the future.

Gross sales are an alternative performance measure, defined as total (gross) sales including both net sales and sales of customer-directed materials and parts. Customer-directed materials and parts are materials that are purchased from the principal or from suppliers selected by the principal at prices negotiated by the principal.

Additional information:

Mikael Mäki, Communications Manager, IONCOR
+358 50 317 4308
mikael.maki@ioncor-batteries.com

IONCOR is a leading European supplier of battery modules and battery packs for electrified vehicles. The company focuses on battery systems designed for bus & truck segments, off-highway machinery, such as construction, material handling, agriculture, mining, and forestry, and the automotive industry. The company offers modular battery products, customized solutions, and contract manufacturing services to drive electrification across its customer segments. IONCOR, founded in 2019 as Valmet Automotive EV Systems business line, operates technology and battery test centers and three high-volume battery system plants in Finland and Germany.