LG Energy Solution and Posco Holdings sign a battery-material MOU

Industry

Published: 10 Oct. 2022, 17:08 Updated: 10 Oct. 2022, 18:45

LG Energy Solution and Posco Holdings sign a battery-material MOU

Posco Group Chairman Choi Jeong-woo, second from left, and LG Energy Solution CEO and Vice President Kwon Young-soo, third from left, pose for a photo after signing a memorandum of understanding on Oct. 7. [LG ENERGY SOLUTION]

LG Energy Solution signed a memorandum of understanding with Posco Holdings on Friday related to battery materials.

The agreement sets out a framework for a contract in which Posco Holdings will supply cathode and anode materials to LG Energy Solution starting this year.

The two companies will work together to develop battery recycling technologies and next-generation anode materials.

The companies will also share their future business plans to ensure they will be able to create a stable supply chain. LG Energy Solution will share how much cathode and anode materials it plans to purchase for the next seven years, and Posco Holdings will share its plans to expand battery manufacturing.

The companies "will continue to collaborate with each other to maintain competitiveness amid various issues, such as the U.S. Inflation Reduction Act,” said Kwon Young-soo, vice chairman of LG Energy Solution, in a statement Monday.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]