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Recently, Posco Chemical announced that the company will invest 600 billion won (about 493 million US dollars) to build a cathode material precursor plant with a production capacity of 100,000 tons per year in the Sepoong Industrial Park in Gwangyang, South Korea.
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The company said the 100,000-ton/year capacity could meet the cathode material needed to manufacture 1.
2 million electric vehicle (EV) batteries
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The company added that the investment is in response to the growth of the electric vehicle battery market, ensuring raw material competitiveness in the cathode materials business, and capturing market opportunities
POSCO Chemicals plans to expand its precursor production capacity from 15,000 tons/year to 18,500 tons/year in 2025, increasing productivity from 33% to 67%
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At present, the company is building a precursor plant with a capacity of 35,000 tons/year in China with Huayou Cobalt.