Korean holding company POSCO Holdings and its battery materials unit POSCO Future M signed a deal with CNGR, the world’s top lithium-ion battery cathode precursor maker, to set up two joint ventures in Pohang, according to reports.
The Korea Economic Daily reported that POSCO Future M is building a high-nickel cathode factory in the industrial port city south-east of Seoul.
POSCO Holdings is to establish a nickel refining JV with CNGR, it stated. The JV will produce 50,000 tons of nickel sulfate a year, while POSCO Future M is to enter into a separate JV with the Chinese company.
It will use the nickel sulfate to produce 110,000 tons a year of precursors. POSCO Group and CNGR are reportedly investing ₩750 billion ($600 million) each.
