Posco Holdings completes construction of a solid-state battery plant

Posco Center building in Gangnam District, southern Seoul [YONHAP]

Posco Holdings completed the construction of a solid-state battery plant in Yangsan, South Gyeongsang.

Solid-state batteries are known as "dream batteries" and are touted for their high energy density and safety.

The facility has 24 tons of annual production capacity, which is enough to make 1,000 electric vehicles (EVs).

Instead of the liquid electrolytes deployed in lithium-ion batteries, solid-state batteries use solid electrolytes, enhancing their stability and safety. Liquid electrolytes are often blamed for fires in EVs that run on lithium-ion batteries.

Posco Holdings in February established a joint venture called Posco JK Solid Solution with Jeong Kwang, a domestic solid electrolyte material manufacturer. Posco owns 60 percent of the plant, while Jeong Kwang owns the remainder.

The facility is a part of Posco's latest movement to strengthen its business in the battery material sector.

In May, Posco Holdings invested in Taiwanese solid-state battery maker ProLogium Technology, though the size of the investment has not been disclosed.

Established in 2006, ProLogium focuses on solid-state battery research, development, and manufacturing, which provides next-generation battery solutions for EVs.

Posco also acquired 100 percent of Tera Technos, a start-up that possesses silicon anode material production technology, for 47.8 billion won ($34 million).

The company aims to have an annual lithium production capacity of 300,000 tons, 220,000 tons of nickel and 610,000 tons of cathodes by the end of 2030.

BY SARAH CHEA [chea.sarah@joongang.co.kr]