POSCO Future M’s cathode supplies plant in Pohang, North Gyeongsang Province / Courtesy of POSCO Future M
POSCO Future M has determined to construct a lithium iron phosphate (LFP) plant devoted to supplying cathode supplies for batteries utilized in vitality storage techniques (ESS).
The battery supplies unit of POSCO Group stated Tuesday that its board of administrators has accredited the development of a brand new manufacturing facility in Pohang, North Gyeongsang Province, to fulfill the rising world demand for LFP batteries for ESS initiatives.
Mass manufacturing is scheduled to start in 2027, and development of the brand new plant is anticipated to start someday subsequent 12 months.
“We’re presently specializing in cathode supplies composed of nickel, cobalt and manganese (NCM) or nickel, cobalt and aluminum (NCA),” a POSCO Future M official stated. “The funding within the new LFP plant will assist us diversify our merchandise and strengthen our competitiveness within the world market.”
For the development, POSCO Future M will make a further funding in C&P Superior Expertise, its three way partnership with China’s CNGR. By way of the deliberate funding, the corporate goals to supply as much as 50,000 tons of LFP yearly.
POSCO Future M may also convert some NCM manufacturing traces at its current Pohang cathode supplies plant to begin LFP manufacturing by the tip of subsequent 12 months.
Though LFP batteries have decrease vitality density than NCM and NCA batteries, they’re extra reasonably priced and have longer lifespans, making them engaging for ESS initiatives and entry-level electrical autos.
With rising North American demand for LFP batteries for ESS purposes, main Korean battery makers have additionally transformed their ternary battery manufacturing traces to make LFP batteries. They’ve referred to as for a direct provide of Korean-made supplies.
