GM electric cars to use Posco Chemical's cathode
NCMA to be used by Ultium Cells
Posco Chemical said on Wednesday that it will be supplying cathode to Ultium Cells, the joint venture between General Motors and LG Energy Solution.
The South Korean chemical company will be supplying high-nickel NCMA (nickel, cobalt, manganese and aluminum) produced at its Gwangyang plant in South Korea.
Posco Chemical and Ultium Cells were also in talks to supply anode.
The South Korean chemical company last month sold some of its shares for 1 trillion won.
The fund will be used to grow its battery material businesses, Posoco Chemical said at the time.
Posco Group is securing lithium, a key material used in making cathode, supply from Argentina and Australia to assist Posco Chemical’s operations.
PMC Tech is producing bed coke needed to produce synthetic graphite
Posco Chemical currently has a production capacity of 40,000 metric tonnes for cathode and 44,000 metric tonnes for anode. It plans to increase this to 400,000 metric tonnes and 260,000 metric tonnes, respectively, by 2030. It aims to post sales of 23 trillion won in that year.