Posco Chemical Ready to Export Cathodes with Government Approval
- 27-Jan-2023 3:30 PM
- Journalist: Jung Hoon
SEOUL: Posco Chemical Co, a major producer of secondary battery materials from South Korea, has obtained government approval to export their technologies related to producing cathodes - an essential component in electric vehicle cells. The private-public committee for industrial technology protection under the Trade, Industry and Energy Ministry gave the decision earlier this month. This is great news for those looking to develop more advanced electric vehicle batteries.
South Korea has made a groundbreaking decision to label 75 different industrial technologies as "National Core Technologies" that are subject to strict security clearance for export. As part of the new initiative, Posco Chemical will gain access to high-Nickel cathodes containing more than 80% Nickel content. This approval could give the company an opportunity to expand its global presence in North America and other regions.
South Korea's Posco Chemical has announced a joint venture (JV) with General Motors Co, Ultium CAM, to construct a cathode plant in Quebec, Canada by 2024. Its parent company, Posco Holdings Co., and Chinese counterpart Huayou Cobalt have also invested in the project, led by Zhejiang Posco-Huayou New Energy Co., which plans to increase production capacity from its current 5,000 tonnes up to 35,000 tonnes by 2025.
Posco Chemical has been supplying material to some of South Korea's top battery manufacturers such as LG Chem, Samsung SDI and SKI. As its largest shareholder, the global steel giant Posco gives it an edge over other South Korean battery material suppliers as it is the only company that offers both cathode and anode products.
Huayou Cobalt is a leader in the Li-ion battery industry. With an extensive product portfolio of Lithium and Cobalt-based materials, it is one of the largest Chinese suppliers for such products. It offers these materials that are used in various kinds of Li-ion batteries, allowing Huayou to remain one of the top material suppliers in the global market.
