POSCO Chemicals has announced that they are going to supply cathode materials required for electric vehicle batteries to Ultium Cells.
Ultium cells is a battery company that is established by GM and LG in the United States. This agreement will help POSCO Chemical to increase its global market share, which stands currently at the 4th position with around 11 percent of the world market by supplying cathode materials to the United States.
This will ensure a secure and reliable supply of the high-quality core materials of the batteries to the Ultium Cells.
About POSCO Chemicals Cathode Material
The low-expansion cathode material provided by POSCO Chemicals significantly increases the stability, lifespan, and charging speed performance of the electric vehicle batteries.
It lowers the price of the battery significantly by relying on its less maintenance than the ones that are currently in the market.
POSCO chemicals will begin the production of these cathode materials from the Sejong plant and are also currently in the expansion phase. This is to increase the supply for domestic and overseas customers like Ultium Cells in the future.
Moreover, they have set up a secondary battery research facility in South Korea for the first time.