Umicore and Solvay completed the sales of their respective 50% stakes in the joint venture SolviCore to Japanese chemical producer Toray on Jul. 1. The company will continue to be headquartered in the Hanau-Wolfgang Industriepark near Frankfurt.

Founded in 2006, their former joint venture has built up a strong portfolio of clients for its membrane electrode assemblies used in fuel cells and proton exchange membrane (PEM) electrolysis, the Belgian companies said, adding that SolviCore will benefit from Toray's expertise in fuel cell materials and experience in mass production.

Both Solvay and Umicore will continue to be active in the fuel cell material market. Solvay will focus on its core competence in advanced materials that enable key innovation in the fuel cell industry for mobility, stationary and other markets, while Umicore will focus on its core competence in catalysis and continue to develop and commercialize electro-catalysts for the fuel cell industry.