POSCO Chemicals teams up with Britishvolt for supply of EV battery materials

[Source: POSCO Chemical]

South Korea’s battery materials firm POSCO Chemical has signed a deal with Britain’s electric vehicle (EV) battery startup Britishvolt for the development and supply of cathode and anode materials for lithium-ion batteries.

Based on the memorandum of understanding, the two sides will start pilot production for battery materials in Europe and secure stable supply chains.

“The deal with Britishvolt will help us expand our presence in the European market and accelerate our effort for client diversification,” said an official of POSCO Chemical. Britishvolt supplies its batteries to local sports carmakers Aston Martin and Lotus.

“Our close cooperation through the deal will help both firms lead the global EV market based on Britishvolt’s battery manufacturing technology and POSCO Chemical’s material technology,” said Min Kyung-joon, CEO of the battery materials firm.

In October last year, the firm signed a deal with Norwegian battery maker Morrow Batteries for the development of a large-scale supply of battery materials.

POSCO Chemical shares were down 3.06 percent to 111,000 won ($85.47) in the early session on Thursday.

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