IONCOR, an independent European supplier of battery systems, has finalized a new ownership structure designed to support its next growth phase. Under the agreement, Finnish Minerals Group (FMG) will acquire a 70 percent stake in the company, while Varma Mutual Pension Insurance Company and Pontos Group will take 16 percent and 14 percent, respectively. This transaction follows IONCOR’s previous ownership by Valmet Automotive and brings new capital and strategic backing for product development and commercialization.
Roberts Abele, CEO of IONCOR, said the updated ownership structure reflects confidence in the company’s technology and future prospects. He highlighted that the fresh investment will enable continued expansion of IONCOR’s battery system portfolio and strengthen its export potential, particularly in heavy-duty transport and industrial segments, contributing to the broader clean-energy transition.
FMG’s involvement supports its strategic objective to build a responsible battery value chain in Finland and to foster new industries and expertise domestically. Matti Hietanen, CEO of FMG, noted that integrating battery system engineering and manufacturing capabilities makes IONCOR an excellent addition to FMG’s portfolio.
With the new shareholders on board, IONCOR plans to accelerate development of advanced battery solutions for heavy-duty transport, off-highway machinery, commercial vehicles, and passenger cars. The company serves logistics, agriculture, construction, mining, and forestry customers with modular battery systems, customized designs, and contract manufacturing services.
Headquartered in Finland and Germany, IONCOR employs around 1,000 professionals across its production facilities in Salo and Uusikaupunki (Finland) and Kirchardt (Germany), as well as research, development, and testing centers. In 2024, the company achieved gross sales of approximately €1.5 billion, driven by increased production volumes and a broader product and service offering.
The new funding is expected to build on this performance and reinforce IONCOR’s position as a leading European provider of advanced battery systems.
Source: IONCOR Batteries
