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POSCO Chemical collaborates with UK startup Britishvolt for EV battery components
POSCO Chemical Co. will collaborate with British battery startup Britishvolt Ltd on electric vehicle battery components development and supply in a bid to tap deeper into the European EV market.
The companies would also work to establish a stable supply chain, including securing the raw materials for EV battery components and ensuring local production in Europe.
Britishvolt plans to build plants in Quebec, Canada, and Northumberland, England, with a combined capacity of 100 gigawatt-hours per year. Its clientele are British automakers, including Aston Martin and Lotus.
A division of South Korean steel giant POSCO Holdings, POSCO Chemical has been focusing on the cathode market, a crucial component in lithium-ion batteries, as a new development engine.
POSCO Chemical is constructing a cathode production facility in southern Quebec in a joint venture with General Motors. About 30,000 tons of high-nickel cathodes will be produced annually by General Motors beginning in 2024, which will be enough to make 220,000 electric vehicles.
In addition, POSCO Chemical has established a joint venture with Huayou Cobalt, the biggest cobalt producer in China, to begin producing 35,000 tons of high-nickel cathodes every year by 2023.