POSCO Chemical Targets European Market with UK's Only Battery Company

MOU on Battery Material Development and Supply Cooperation with Britishvolt
Expanding European Clients Following Norway's 'Morrow Battery'

Min Kyung-jun, President of POSCO Chemical (left), is taking a commemorative photo with Oral Naraji, CEO of Britishvolt, at the signing ceremony for a business agreement on battery material development and supply cooperation in Sussex, UK, on the 29th (local time).

[Asia Economy Reporter Oh Hyung-gil] POSCO Chemical is expanding its customer base to include Britishvolt, a UK battery company, as it targets the European electric vehicle market.

POSCO Chemical announced on the 30th that it has signed a Memorandum of Understanding (MOU) with Britishvolt for the development and supply of battery materials. The signing ceremony held in Sussex, UK, was attended by POSCO Chemical President Min Kyung-jun and Britishvolt CEO Oral Najari, among others.

The two companies will collaborate on the joint development of battery materials to be used in Britishvolt's batteries and plan to pursue large-scale supply contracts in the future. They will also establish a supply chain to ensure smooth procurement of raw materials and materials, including local production of battery materials in Europe.

POSCO Chemical expects this agreement to accelerate its expansion in the European market and diversification of its customer base. Last October, POSCO Chemical signed an MOU with Norway's Morrow Battery for the development and supply of anode and cathode materials, marking its entry into the European market.

Britishvolt, the only battery company in the UK, plans to secure a total battery mass production capacity of 100GWh in Northumberland, UK, and Quebec, Canada. It has secured major customers such as British automakers Aston Martin and Lotus.

The European electric vehicle market is considered one of the world's top three markets alongside the US and China. The European Parliament recently decided to end the sale of internal combustion engine vehicles from 2035 to address the climate crisis, actively supporting the development of the electric vehicle industry.

POSCO Chemical has been actively building partnerships through local exchanges by participating in major European events and exhibitions such as the 'Join Sweden Summit 2022' held in Stockholm, Sweden on the 20th, and 'The Battery Show Europe 2022' held in Stuttgart, Germany on the 28th.

Min Kyung-jun, President of POSCO Chemical, said, "The cooperation between Britishvolt, an eco-friendly battery company, and POSCO Chemical, which has a stable supply chain, will further enhance the competitiveness of both companies. We will work closely to develop high-performance products and establish supply chains to secure a leading position in the global electric vehicle market."

Oral Najari, CEO of Britishvolt, emphasized, "We are very pleased to collaborate with POSCO Chemical, a global leader in battery materials. This agreement provides Britishvolt with a stable foundation to mass-produce batteries tailored to customer demands."