SEOUL, Aug. 28 (Korea Bizwire) — POSCO Future M Co. said Monday it aims to achieve 3.4 trillion won (US$2.57 billion) in annual operating profit by 2030 as it accelerates the expansion into the manufacturing of secondary battery materials amid the robust electric vehicle (EV) demand. The chemical unit of South Korean steel giant POSCO [...]
SEOUL, Aug. 22 (Korea Bizwire) — South Korea’s antitrust regulator on Tuesday approved the launch of a joint venture between LS, the country’s 16th-largest conglomerate, and battery material producer L&F Co. The go-ahead for the new company that will produce precursors, tentatively named LS-L&F Battery Solution, came after the two firms filed applications in June, [...]
SEOUL, Aug. 18 (Korea Bizwire) — South Korean battery maker SK On Co. said Friday it will invest in a C$1.2 billion (US$886 million) Canadian cathode plant along with Ford Motor Co. and Korean cathode material company EcoPro BM to secure a stable supply of the key battery material in North America. SK On, EcoPro [...]
SEOUL, Aug. 16 (Korea Bizwire) — SK On Co. said Wednesday it is spending 1.5 trillion won (US$1.12 billion) to add a new manufacturing facility in South Korea in its biggest domestic investment as it pushes for an expansion. The envisioned third factory will be established on an area of 44,125 square meters in an [...]
SEOUL, Aug. 10 (Korea Bizwire) — South Korean battery maker Samsung SDI Co. is venturing to expand the supply of anode-active materials produced with natural graphite in the North American market. The company recently entered a memorandum of understanding (MOU) with Australian graphite explorer Syrah Resources Ltd. to procure a supply of natural graphite active [...]
SEOUL, Aug. 9 (Korea Bizwire) — South Korean battery companies are delving into the battery recycling market as discarded batteries emerge as a promising avenue for future ventures, coinciding with the expansion of the electric vehicle market. LG Energy Solution Ltd. on Tuesday set up a joint venture with China’s Huayou Cobalt Co. for battery [...]
SEOUL, Aug. 8 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. (LGES) said Tuesday it has set up a joint venture with China’s Huayou Cobalt Co. for battery recycling, as it diversifies supply channels to secure the stable sourcing of key raw materials. The agreement, signed Monday, commits the two to building [...]
SEOUL, Aug. 7 (Korea Bizwire) — South Korea’s export of cathodes, a key secondary battery material, to the United States surged almost threefold in the first seven months from a year earlier, on growing demand for electric vehicle (EV) cells and the new U.S. law on promoting green technologies, data showed Monday. Outbound shipments of [...]
SEOUL, Aug. 7 (Korea Bizwire) – South Korea’s battery material companies are intensifying efforts to boost local precursor production capabilities, aiming to decrease reliance on imports from China while ensuring stable procurement, in light of the implementation of the U.S. Inflation Reduction Act (IRA). LS Corp., the holding company of the electric power equipment enterprise [...]
SEOUL, Aug. 3 (Korea Bizwire) — Three major South Korean battery makers saw their market share fall in the first half of the year from a year earlier despite solid growth, as bigger Chinese rivals further expanded their overseas foothold, a report said Thursday. The combined market share of the three — LG Energy Solution [...]