POSCO Holdings and LG Energy Solution to jointly produce secondary batteries
Amid rising global supply chain challenges (USMCA, IRA), POSCO Group, which has a shared secondary battery business including lithium, cathode/anode materials and recycling, and LG Energy Solution, which is a leading battery company in the world, have decided become more competitive by strengthening cooperation.
POSCO Group CEO Jeon Woo Choi and LG Energy Solution CEO Kwon Yong-soo signed a memorandum of understanding on strategic business cooperation in secondary battery materials in Seoul.
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At the agreement ceremony, they promised to develop concrete cooperation for the complete value chain with secondary batteries, including the supply and purchase of cathode/anode materials, lithium recycling, next generation anode materials and so on.
After conclusion of an agreement, South Korean industrial giants will conclude medium-term and long-term contracts for the supply /sale of will carry out business and technical cooperation with the working group of the business team.
POSCO Group has been supplying LG Chemical with cathode materials since 2012, and also supplies anode materials, there is a close collaboration between the two companies.
It is also reported that POSCO Holdings has signed a joint venture agreement with GS Energy to establish a new company, POSCO-GS Eco Materials, at POSCO Center. POSCO Holdings and GS Energy plan to set up a corporation within a year of the signing of the agreement.
POSCO-GS Eco Materials will not only engage in secondary battery recycling by collecting dead batteries and recovering raw materials, but will also expand the business for diagnostics, evaluating and reusing secondary batteries such as batteries as a service (BaaS).