Cosmo AM&T will expand its NCM (nickel, cobalt and manganese) cathode production by 50,000 metric tonnes, the company said on Monday.
It will spend 150 billion won for the expansion, which will be completed by 2023.
In total, Cosmo AM&T will have an annual production capacity of 70,000 metric tonnes per year then.
The company will use its existing land and buildings at its Chungju plant.
NCM cathodes are used in batteries for electric vehicles and energy storage systems.
The trend is to increase the amount of nickel in them to over 80%, which increases energy density of batteries, thereby increasing the traveling distance per charge of electric vehicles.
Cosmo AM&T had previously only supplied cathode for Samsung SDI’s small batteries.
But the company began supplying cathode supply for electric vehicles last year.