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SKC Co. and POSCO Holdings Inc. have agreed to cooperate for the development of next-generation battery materials. They are teaming up to bolster competitiveness in this booming line of business.
SKC and POSCO revealed their partnership deal on Tuesday, May 30. The advanced materials unit of the SK Group and the steel maker signed the deal on comprehensive business on the same day, and this was witnessed by the companies' key executives.
As per Yonhap News Agency, under the agreement, the two will work together and develop anode materials which are one of the main components for making electric vehicle (EV) batteries. SKC said that for this business, they will be focusing on lithium metal anodes which come with an enhanced energy density.
Moreover, the companies will also join forces in the sourcing of raw materials for battery materials. Sourcing may actually be easier since SK Nexilis Co. is a subsidiary of SKC. it is currently the largest producer of copper foil in the world, plus POSCO has its materials trading unit as well, which is the POSCO International Corp.
SKC and POSCO's partnership for the next-generation secondary battery business is estimated to reach some $300 billion by the year 2030. The joint venture will expand the former's battery materials portfolio and expects to help the latter with its move to shift to green energy materials.
Aju Business Daily mentioned that the companies will develop and produce lithium-metal electrode materials and other manufacturing processes. This is the next-generation electrode that offers ten times more energy density compared to regular carbon-based electrodes.
"Through synergy created by POSCO Group's strong infrastructure, we will be able to beef up South Korea's competitiveness in the secondary battery industry," Park Won Cheol, SKC's chief executive officer, said in a statement. "We will continue our cooperation to create a meaningful result in the global market."
Photo by: SKC Website
