South Korean lithium-ion battery maker Samsung SDI has started investing capital into its joint venture EcoPro EM.
Samsung will contribute 48 billion won ($39 million) into the joint venture out of the total start up investment of 120 billion won ($96.9 million). Its partner and fellow Korean firm EcoPro BM, a supplier of electric vehicle battery materials to Samsung, will invest the remaining cash.
Samsung SDI and EcoPro BM will control 40% and 60% of the JV, respectively, according to a report by The Korea Herald.
The JV is expected to build a plant in Pohang, North Gyeongsang Province, later this year with production of cathode materials for NCA (nickel cobalt aluminum) 811 batteries due to begin in the first quarter of 2022.
EcoPro BM aims to increase its production capacity of cathode materials by 150,000 metric tons including that of the JV and manufacture a total 180,000 metric tons in 2023.