[responsivevoice_button voice=”Deutsch Female”]
Posco Chemical to construct new EV battery cathode plant in China
South Korea’s Posco Chemical Firm this week introduced plans to take a position KRW281bn (US$240m) in China to increase its capability to supply cathodes and precursors for electrical car (EV) batteries.
The corporate plans to construct a brand new plant in Tongxiang in China’s Zhejiang province, subsequent to 2 smaller amenities operated by two separate joint ventures between Posco and China’s largest cobalt producer Zhejiang Huayou Cobalt.
The brand new plant may have a manufacturing capability of 30,000 tons of cathodes and precursors per yr, sufficient to produce as much as 335,000 EVs fitted with 60kwh battery packs. Building is scheduled to start within the second half of 2021.
The 2 present vegetation have a mixed capability of 5,000 tons of cathodes and precursors per yr.
Zhejiang Huayou Cobalt additionally owns various cobalt and nickel mines and is claimed to supplyaround 50% of world demand for cobalt, a key materials used within the manufacturing of lithium-ion batteries.
Posco Chemical, a part of South Korea’s largest steel-making group, has been increasing aggressively into the EV battery parts/supplies sector in recent times to faucet into the speedy development in EV gross sales internationally.
In July it introduced plans to take a position KRW600bn to construct a brand new cathode supplies plant in South Korea’s port metropolis of Pohang with an annual capability of 60,000 tons. The corporate presently operates cathode supplies vegetation within the South Korean cities of Gumi and in Gwangyang.