🟢One of the world’s largest lithium-ion battery manufacturers, LG Chem America, Inc. is investing in LFP battery production to compete with its Chinese counterparts.
💰Signing an agreement with Chinese Liyuan New Energy to supply 160,000 tons of LFP cathode materials, the company will pay approximately $1 billion for this order.
⚡While LG’s current batteries use NMC/NCA cathodes, LFP cathodes are gaining market share despite having relatively lower energy density due to their significantly lower cost and overcoming barriers in charging speed and winter performance.
🏭LG announced its collaboration with Chinese Huayou Cobalt last year to establish a facility in Morocco with an annual production capacity of 50,000 tons of LFP cathodes. Already producing LFP cells for energy storage systems, LG’s automotive-focused solutions are set to enter mass production by 2025.
