EcoPro said on Thursday during its shareholders meeting that it plans to invest in mining companies to be involved directly with procuring materials used in battery production.
In the long term, the company said it wants to invest in the mines themselves.
This means that EcoPro, which manufactures cathodes used in batteries, will become a direct competitor to Korea Zinc, LG Chem and Posco.
EcoPro recently announced that it plans for a cathode precursor joint venture with GEM and SK On.
The three companies plan to invest a combined 1.21 trillion won and are aiming to secure 50,000 metric tonnes per year in capacity in 2024.
Precursors for cathodes are made from nickel and cobalt sulfates. Adding lithium, manganese, aluminum or other materials completes the cathode.
EcoPro Materials is also planning to secure nickel from China, so having direct control over mines and reusing leftover materials from used batteries allows it to save costs to stay competitive with rivals.
