Umicore will begin delivering cathode materials for nickel manganese cobalt (NMC) lithium-ion batteries to LG Chem next year after signing a multi-year strategic supply agreement.
The agreement is for a total volume of 125,000 metric tonnes to be delivered over ‘several years’ out of Umicore plants in Poland, Korea and China.
Most of the volumes covered by this agreement will be supplied from Umicore’s greenfield facility in Poland.
The companies are also entering a technology licensing arrangement covering fundamental IP rights. As a result of this agreement, both companies will share user rights on NMC cathode materials used in automotive and energy storage applications.
Umicore is also assisting LG Chem in closing the loop by recycling its production residues and the companies are currently discussing the terms of a long-term cooperation in battery recycling.
