Samsung SDI seals lithium deal with EcoPro Innovation
![EcoPro Innovation headquarters in Pohang, North Gyeongsang [ECOPRO INNOVATION]](https://koreajoongangdaily.joins.com/data/photo/2024/06/11/c3115271-ce9a-4ca0-9dd3-17b8e4afa982.jpg)
EcoPro Innovation headquarters in Pohang, North Gyeongsang [ECOPRO INNOVATION]
Samsung SDI inked a lithium deal with EcoPro Innovation to source 154,000 tons of lithium hydroxide, a critical material in EV battery manufacturing, through 2033.
Under the 10-year deal, the compound will be shipped to Samsung SDI's plants both at home and in Hungary. EcoPro Innovation is a lithium maker 96 percent owned by EcoPro, which also owns EcoPro BM, a cathode producer.
Lithium hydroxide is a critical ingredient in cathode production, responsible for 40 percent of a battery's cost.
In 2021, EcoPro Innovation became the first domestic company to successfully produce lithium hydroxide for secondary batteries by refining lithium.
Last year, Samsung SDI closed a $34 billion deal with EcoPro BM to supply cathodes for five years from 2024.
EcoPro Innovation is currently building a factory in Hungary that will be completed at the end of the year, and is considering building a third factory in Pohang, North Gyeongsang.
EcoPro's lithium hydroxide capacity will grow to 79,000 tons by 2028.
BY SARAH CHEA [chea.sarah@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)