Seoul: POSCO Future M Co., the battery materials unit of steel giant POSCO Holdings Inc., announced that it has signed a memorandum of understanding (MOU) with China’s CNGR Advanced Material Co. to collaborate on a battery materials project.
According to Yonhap News Agency, the MOU is aimed at expanding POSCO Future M’s business in rechargeable battery cathode materials. The partnership also includes CNGR’s Korean subsidiary, Fino. POSCO Future M, which currently produces cathodes for nickel-cobalt-manganese (NCM) and nickel-cobalt-manganese-aluminum (NCMA) batteries, is planning to extend its supply to include lithium manganese-rich (LMR) and lithium iron phosphate (LFP) batteries.
LFP batteries are gaining popularity in the energy storage system (ESS) sector due to their cost efficiency and reliable safety features. The three companies involved in the MOU will explore the possibility of establishing a production facility for LFP cathode materials to cater to the ESS market.