POSCO Increases Production Capacity of Synthetic Graphite Anode Materials
- 24-Feb-2023 6:53 PM
- Journalist: Shiba Teramoto
North Gyeongsang [South Korea]: POSCO Chemical began constructing their second synthetic Graphite anode material plant in the Blue Valley National Industrial Complex in North Gyeongsang province on January 31st. This new plant will have an annual production capacity of 10,000 tons.
POSCO Chemical recently announced the successful completion of their first plant for synthetic Graphite anode materials. The plant, located in Korea, has an annual capacity of 8,000 tons and marks a successful localization project.
The company is also planning to build a second plant with a total capacity of 18,000 tons by the second half of 2022. When finished, it will have enough production capacity to supply the necessary materials for up to 470,000 electric vehicles using 60 kWh batteries.
The global EV anode material market is currently dominated by synthetic Graphite, which offers many useful benefits including longer battery life and reduced charging times. As per KOTRA, synthetic Graphite is predicted to account for 83% of the global anode material market as of 2022, with Chinese companies dominating most of the market.
POSCO Chemical manufactures synthetic Graphite using needle coke, a by-product of the steelmaking process. This raw material is supplied by POSCO MC Materials, a subsidiary company of POSCO. Through this initiative, POSCO secures a market for steel by-products while acquiring stable supplies of materials, thus improving resource circulation and generating synergy within the group.
POSCO Chemical signed a new contract with Ultium Cells LLC in December 2020, worth 939.3 billion won over six years from 2023 to 2028. The contract was for the supply of synthetic Graphite anode materials for Ultium Cells' battery joint venture between GM and LG Energy Solutions. This is part of a larger effort by POSCO Chemical to strengthen their value chain competitiveness.
POSCO Chemical is proud to announce that it has completed the first ever overseas export case of local synthetic Graphite anode material. The successful completion has allowed the company to plan the establishment of a second plant in order to smoothly supply contracted quantities on time.
The company is taking steps to stay ahead of the global demand for synthetic Graphite anode materials. This proactive approach ensures that their customers are always provided with top quality products.
POSCO Chemical announced the completion of its first synthetic Graphite anode material plant, which will be fully operational with automated robots in December 2021.