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The Daegu-based cathode materials producer signed a deal to supply 176,000 tons of cathode materials to an unnamed European client.
Daegu-based L&F, which counts Tesla among its clients, will provide SK On with enough material to make batteries for 3 million EVs by 2030.
The country’s antitrust regulator approved the establishment of a battery materials joint venture between LS and L&F on Tuesday, paving the way to build a local supply chain for electric vehicle batteries.
LS and L&F will together invest 1 trillion won ($783 million) to build a battery materials plant in Gunsan, North Jeolla.
Standard Chartered Bank Korea (SCBK) is offering finance to electric vehicle battery material suppliers as part of its environmental, social and governance (ESG) programs.
Korea JoongAng Daily Sitemap