Lotte Chemical and Soelect to form lithium-metal JV

[LOTTE CHEMICAL]

Lotte Chemical is forming a joint venture with Soelect, a U.S.-based lithium-metal anodes company.

The two companies signed a memorandum of understanding (MOU) Tuesday to form a joint venture and invest $200 million in establishing a lithium-metal anodes factory in the United States by 2025.

The companies' investment ratio for the joint venture wasn't disclosed.

Lithium-metal has recently received the spotlight as a material for anodes, competing against the more conventional graphite and silicon that goes into the anodes of lithium-ion batteries.

It is considered to be safer than graphite anodes and enables a higher energy density and faster battery charging time.

“Lotte Chemical plans to penetrate the future battery material market with the United States at the center which relies heavily on battery imports amid rising demand for electric vehicles,” the company said.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]