German chemical firm will form joint venture with LG ChemLG Chem, Korea’s leading chemical maker, said yesterday that it has agreed with a German chemical firm to set up a joint venture in Korea to produce a cathode material for rechargeable batteries.
Under an agreement with Sud-Chemie, the joint venture will produce 2,500 tons of lithium iron phosphate (LFP) cathode material annually from 2014, LG Chem said.
It did not give specifics on the deal, including how much it will spend on the project.
Cathode materials are the key components for lithium-ion rechargeable batteries. Particularly, LFP lithium-ion batteries are more chemically stable than rechargeable batteries with other cathode materials.
LG Chem said that the joint venture will help the company improve its competitiveness in the lithium-ion rechargeable battery market.
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