POSCO Chemical announced on Monday that it has agreed to supply cathode materials for electric vehicle batteries to Ultium Cells, a battery company jointly established by GM and LG Energy Solutions in the United States.
Following the selection of anode material supplier in December of last year, POSCO Chemical products will be mounted as core material on the exclusive electric vehicle platform Ultium produced by GM.
Through this agreement, POSCO Chemical will be able to further increase its global market share, which is the 4th largest and totals 11 percent of the world market by supplying cathode materials to the United States, while Ultium Cells will be able to secure high-quality core materials for batteries.
The low-expansion cathode material developed by POSCO Chemical is a material that can significantly increase the stability, lifespan, and charging speed performance necessary for electric vehicle batteries while lowering the price.
POSCO Chemical is planning to produce products at the Sejong plant, which is currently being expanded in stages, and to increase the supply to domestic and overseas battery compes including Ultium Cells in the future.
Since 2019, the POSCO Group has been operating POSCO Chemtech's cathode material and POSCO ESM's anode material businesses by integrating them into POSCO Chemical.
In addition, it also established a secondary battery material research centre for the first time in Korea. (/Global Economic)
( With inputs from ANI )
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