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[Apha Biz=(Chicago) Reporter Paul Lee] LG Chem announced on the 24th that it will enter the LFP (lithium, phosphate, iron) anode material business in earnest.
The LG Chem signed a comprehensive business agreement (MOU) with China's Huayou Group on the supply chain of bipolar materials on the 22nd. The two companies plan to establish △ Moroccan LFP anode material plant and lithium conversion plant (CP) △ Indonesian nickel smelting plant and precursor plant to enter the LFP anode material market and strengthen the material supply chain.
The LG Chem and Youshan under the Huayou Group will build a joint plant for LFP anode materials with an annual capacity of 50,000 tons in Morocco with the aim of mass production in 2026. LFP cathode material is a battery material mainly used in low-end electric vehicles. Although energy density is lower than NCM (nickel, cobalt, manganese) cathode materials, demand from customers is increasing due to high price competitiveness. The 50,000 tons of LFP cathode materials are enough to make the cathode materials needed for 500,000 low-end electric vehicles.
The Moroccan plant plans to produce LFP bipolar materials for North America.
The LG Chem will also promote lithium conversion plant business with Huayu Cobalt (Huayou Cobalt) under Huayu Group in Morocco. The Moroccan lithium conversion plant will set up an annual lithium production system of 52,000 tons by 2025 and supply lithium to the Moroccan LFP plant.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
