+ A

LG Chem signs agreement with Belgium’s Umicore

Sept 25,2019
LG Chem signed an agreement with Belgium-based materials technology company Umicore to buy its cathode materials as it strives to increase its presence in the foreign electric vehicle (EV) battery market.

Korea’s top EV battery manufacturer announced in a statement Tuesday that, starting next year, it will buy 125,000 tons of Umicore’s nickel-manganese-cobalt cathode materials, enough to make 1 million EV batteries. The two companies also signed a partnership to co-research ways to recycle used EV batteries.

Cathode materials are one of four main ingredients for lithium-ion batteries and is the most important component that determines a battery’s performance and capacity. Umicore is one of the leading companies in the global cathode market, the EV battery producer added.

As the European EV battery market rapidly expands, LG Chem said it was necessary for the company to find additional cathode material supply.

By Ko Jun-tae