South Korean steelmaker Posco is reportedly to build a $100 million lithium-ion cathode plant in the country next year as it expands its presence in the global batteries and raw materials market.
Posco’s new facility in Gwangyang, 423 kilometres southwest of Seoul, will have an annual production capacity of 6,000 tons, the company told South Korea’s Yonhap news agency.
South Korea has called on China to ensure “a fair business environment” for battery manufacturers to compete for business across the two countries.
South Korea’s trade minister Paik Un-gyu (pictured) made the plea during a meeting with his Chinese counterpart Miao Wei in Seoul, the Yonhap news agency reported.
German lithium-ion battery developer and producer BMZ has signed a long-term battery cells supply deal with South Korea’s LG Chem.
BMZ said the contract covered supplies of “over a few hundred million cells” by the end of 2022 for products in the electro mobility and energy storage markets.
A new US-Korean joint venture has announced plans to launch a major lithium-ion batteries recycling operation in the US.
Metallica Commodities Corp (MCC) and SungEel HiTech said the new company, SungEel MCC Americas (SMA), will “redefine” the lithium-ion battery, e-waste recycling, energy and metals markets in North America— “where consumption of cobalt and lithium has outpaced supply in recent years”.
Another Chinese-South Korea investment deal has been done to produce lithium battery materials in China— in the latest sign of a thaw in economic tensions between the countries.
Chinese mining company Zhejiang Huayou Cobalt said its subsidiary, Huayou New Energy Technology, has signed a deal with South Korea’s LG Chem to launch two new joint venture companies at a total investment of some $645.6 million.
South Korean lead-acid battery maker ATLASBX is investing $75 million to open its first manufacturing plant in the US.
Tennessee state governor Bill Haslam confirmed the firm expected to complete construction of the plant in Clarksville, Montgomery Country, by 2020.