Posco Future M signs MOU with Chinese firm for battery material project
Posco Future M, the battery materials unit of steel giant Posco Holdings, said Monday it has signed a memorandum of understanding (MOU) with China’s CNGR Advanced Material to cooperate on a battery materials project.
The MOU aims to expand Posco Future M’s rechargeable battery cathode material business, the company said in a press release. CNGR’s Korean subsidiary, Fino, also joined the partnership.
Posco Future M currently produces cathodes for nickel-cobalt-manganese and nickel-cobalt-manganese-aluminum batteries, but plans to expand its supply to lithium manganese-rich and lithium iron phosphate (LFP) batteries.
LFP batteries are increasingly favored for energy storage system (ESS) applications due to their cost efficiency and strong safety features.
The three companies will discuss building an LFP cathode material production facility to supply the ESS market, the release said.
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Posco Future M signs MOU with Chinese firm for battery material project, source
