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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.
