Two firms are joining forces to build a lithium-ion cathode plant in South Korea to fuel the expected lithium battery demand for the electric vehicle market.
South Korean battery materials firm Ecopro has entered into a joint venture with the Chinese resources recycling company GEM to produce cathode materials in Pohang, South Korea.
Under the agreement, Ecopro and GEM will build the plant on a 98,000 square metre site at an industrial complex in the South Korean city.
The two companies will invest 150 billion won (about US$135 million) in the project, with the plant expected to open by the end of 2017.
Representatives from the two companies, as well as the Pohang municipality (the southeast city’s municipal government) and the North Gyeongsang provincial government signed a memorandum of understanding to build the plant.