April 21, 2023: China’s LG Chem and Huayou Cobalt will make investments KRW1.2 trillion ($909 million) in a three way partnership to construct a battery precursor plant in South Korea.
LG Chem introduced on April 17 that it expects to start out building of the Saemangeum facility later this yr.
The battery maker stated the power can even have the ability to produce steel sulfate, giving it home metals refining capability to ease provide chain issues with uncooked supplies.
The deal comes simply days after the South Korean authorities introduced a multibillion greenback assist bundle for its battery sector within the face of profitable US incentives for the state’s battery business.
LG Chem and Huayou signed a memorandum of understanding for a three way partnership with different funding companions together with the Saemangeum Improvement and Funding Company.
The ability can have an annual manufacturing capability of fifty,000 tons by 2026, after the primary part of improvement.
The manufacturing capability will later be doubled.
LG Chem stated that about 100,000 tons of precursors are sufficient to yearly produce cathodes for a couple of million EVs with 75kWh batteries that present a driving vary of 500km.
Journal of Vitality Storage It was reported on April 6 that LG Chem’s spun-off battery enterprise, LG Vitality Resolution, plans to assist its battery supplies provide chain by producing lithium hydroxide in Morocco with Sichuan Yahua Industrial Group in China.
