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LG Chem Ltd. and China’s Huayou Cobalt Co. Ltd. announced their partnership to build a battery material plant in South Korea. They have agreed to set up a joint facility that will produce 50,000 tons of precursors starting in 2029.
LG Chem and Huayou Cobalt’s battery plant is set to rise in Saemangeum, North Jeolla Province. The two companies are investing a total of KRW1.2 trillion or about $918 million for the construction of the factory.
As per The Korea Herald, sources said that the Korean and Chinese companies are set to sign their partnership deal on Wednesday, April 19. They will produce precursors, which are core materials of cathode which is one of the main components of batteries for electric vehicles.
The new production facility reportedly measures 330,000 square meters, and it is expected to be completed by the last quarter of 2028. The joint project will initially produce 50,000 tons of precursors, which is said to be enough for around 600,000 EVs per year.
The battery plant in Saemangeum will be the third partnership project between LG Chem and Huayou Cobalt. Since signing their first collaborative agreement in 2018, they have already built a cathode and a precursor factory in China. At that time, they launched a joint venture called Huajin New Energy Materials.
The companies are also planning to invest KRW500 billion to set up a cathode material manufacturing plant that will make cobalt, nickel, manganese, and aluminum in Gumi, North Gyeongsang Province, where mass production may begin in the latter part of 2024.
Yonhap News Agency reported that in the same complex in Saemangeum, LG Chem and Huayou Cobalt will build a refining facility for metal sulfates and a feedstock for precursors as well. The new plant is expected to help bolster LG Chem’s manufacturing capacity for secondary battery materials while also securing a stable supply of raw materials.
