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POSCO Holdings and LG Energy Solution have signed a memorandum of understanding (MOU) for EV battery material supply. The two companies reportedly signed a more comprehensive agreement on Friday, Oct. 7, but they only made the announcement this Monday.
As per The Korea Herald, it was specified in the non-binding agreement that Posco Holding would later sign a long-term deal for the supply of cathode and anode materials for battery production at LG Energy Solution. The items are expected to be delivered to LGES before this year ends. The battery maker confirmed its agreement with POSCO this week.
Moreover, as part of the deal, POSCO and LG Energy will also cooperate in the development of new battery recycling technology in addition to the next-generation anode material. They will be working as a group and then apply what they developed in their productions.
The new agreement is an expansion of the companies’ partnership that first started in 2012. The leading steelmaker in South Korea supplied cathode materials to LGES in their very first deal 10 years ago.
The battery maker said that its MOU with POSCO will allow them to traverse any uncertainties in the EV supply chain, including the new trade regulations that were signed by US President Joe Biden in August. The American leader signed the Inflation Reduction Act in the wake of rising costs of fuel and commodities.
"The collaboration will allow LGES and POSCO to keep a competitive edge, addressing consequences from the US signing of IRA," Kwon Young Soo, LG Energy Solution’s vice chairman and chief executive officer, said in a statement.
He added, “The companies will continue to collaborate with each other to maintain competitiveness amid various issues, such as the U.S. Inflation Reduction Act.”
Meanwhile, LGES and POSCO will also share their plans for the future business ventures they will work on together. Korea Joongang Daily reported the former would also reveal how much cathode and anode materials it is planning to buy for the next seven years, while POSCO Holdings will disclose its programs for the expansion of its battery manufacturing biz as part of their collaboration.
