"POSCO+CNGR", a super combination, will together build the first "nickel-precursor-cathode material" value chain in South Korea.
CNGR was established in September 2014. It is a professional comprehensive service provider of new energy materials for lithium batteries, a significant player in the national strategic emerging industries.
POSCO, a leading enterprise of environmentally friendly materials, is a large multinational company engaging in steel, E&C, IT, new energy, new materials, etc. POSCO FUTURE M is a holding company of POSCO, and the only manufacturer in South Korea that produces both battery anode and cathode materials, and has become a global leader in battery materials.
According to the agreement, the two parties will establish a joint venture to carry out nickel refining and precursor production to build an in-depth industrial chain.
The project will be located in Pohang, with the construction expected to begin in Q4 2023 and the mass production by 2025. It will hold a capacity 50,000 tonnes of battery-grade nickel sulfate and 110,000 tonnes of precursor materials, which can meet the needs of more than 1.2 million electric vehicle battery installations. The total investment is about 1.5 trillion won.
Written by Alex Xie, xiehan@mysteel.com
Edited by Aggie Hu, huchenying@mysteel.com
