Discovering and Collaborating on Joint Projects Covering the Entire Supply Chain
Sharing SK On Production Plans... Discussing Expanded Supply of POSCO Materials
Discussing Overseas Business Expansion, Raw Material Investment, and Anode Material Development Roadmap
Jidongseop, CEO of SK On (fourth from the left), and Byungok Yoo, Vice President and Head of the Eco-friendly Future Materials Team at POSCO Holdings (fifth from the left), along with other officials from both companies, signed a memorandum of understanding for business cooperation and took a commemorative photo on the morning of the 15th at POSCO Center in Daechi-dong, Seoul.
[Asia Economy Reporter Moon Chaeseok] POSCO Holdings and SK On are engaging in comprehensive cooperation related to the secondary battery business. They have decided to jointly discover and collaborate on projects covering the entire value chain (supply chain), including secondary battery raw materials such as lithium, nickel, and cobalt, as well as cathode and anode materials and used battery recycling.
With raw material supply chain issues emerging as a pressing concern, POSCO Group, which handles the entire secondary battery material business including lithium, nickel, cathode and anode materials, and recycling, and SK On, which is rapidly increasing its share in the global battery market, are establishing a joint response system.
On the 15th, at the POSCO Center in Daechi-dong, Seoul, POSCO Holdings’ Vice President and Head of the Eco-friendly Future Materials Team Yoo Byung-ok and SK On CEO Ji Dong-seop attended and signed a "Memorandum of Understanding for Comprehensive Business Cooperation in the Secondary Battery Business." At the signing ceremony, the two companies agreed to jointly promote projects covering secondary battery raw materials such as lithium, nickel, and cobalt, as well as cathode and anode materials and recycling.
They shared SK On’s mid- to long-term expansion plans for secondary battery production and discussed POSCO Group’s expanded supply of materials accordingly. Moving forward, they plan to form a working group to discuss ▲ mid- to long-term strategies for overseas business expansion ▲ investment in raw materials such as lithium and nickel ▲ cathode material development roadmap ▲ expansion of anode material supply ▲ joint establishment of a used battery collection network, among other topics.
Vice President Yoo said, "With POSCO Group’s strengths in secondary battery materials such as lithium, nickel, and cathode and anode materials, and SK On’s expanding market share in the electric vehicle battery sector, this business cooperation is expected to significantly enhance the competitiveness of the domestic battery industry." CEO Ji stated, "If the high capabilities and infrastructure of POSCO Group combine synergistically with SK On’s technological prowess, we can further strengthen the competitiveness of Korea’s battery industry. Through active cooperation, we will contribute to raising Korea’s status in the global electric vehicle market."
POSCO Holdings began construction of a lithium production plant, a secondary battery raw material, in Argentina last March. Last month, it invested in Taiwanese solid-state battery specialist ProLogium. Earlier this year, it established POSCO JK Solid Solutions, a solid electrolyte production corporation. The company is steadily strengthening its secondary battery material business capabilities.
SK On, based on its outstanding technology and manufacturing capabilities, succeeded in continuously developing and mass-producing the world’s first high-performance high-nickel battery, raising its global battery market share from around 10th place in 2019 to 5th place within three years. Last year, it secured shares in Solid Power, a leading U.S. solid-state battery company, and plans to mass-produce next-generation batteries through joint development, leading the future battery market.
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