POSCO Future M is ready to launch its lithium iron phosphate (LFP) cathode materials enterprise devoted to vitality storage methods (ESS).
The corporate introduced on Dec. 24 that it signed a three way partnership settlement (JVA) for LFP cathode supplies with China’s CNGR and Pino, CNGR’s Korean subsidiary, on Dec. 23.
Earlier on Dec. 15, POSCO Future M held a board assembly and authorised the agenda for developing an LFP cathode materials plant via C&P New Supplies Expertise, a three way partnership with CNGR and Pino.
Below the three way partnership settlement, POSCO Future M will set up an LFP cathode materials plant on the Yeongilman 4th Basic Industrial Advanced in Pohang. The corporate goals to start mass manufacturing in 2027 following groundbreaking subsequent 12 months. Beginning with this funding, the corporate plans to increase its cathode materials manufacturing capability to as much as 50,000 tons.
LFP batteries are merchandise which have decrease output in comparison with ternary batteries however provide benefits of decrease price and longer lifespan. Lately, their utilization has been growing throughout numerous fields, together with ESS and entry-level electrical autos.
By this contract signing, POSCO Future M has been in a position to launch its LFP cathode materials enterprise in earnest amid considerably rising market demand and strengthen cooperation with CNGR and Pino throughout all enterprise areas together with manufacturing, know-how, and advertising.
Moreover, for early entry into the LFP market, POSCO Future M plans to transform a part of the high-nickel product manufacturing traces at its present Pohang cathode materials plant to LFP cathode materials manufacturing traces and start provide from the second half of subsequent 12 months.
