L&F is entering the electric vehicle anode material business in partnership with Japan's Mitsubishi Chemical Group.
On the 23rd, L&F announced that it signed a Memorandum of Understanding (MOU) with Mitsubishi Chemical Group to strengthen the supply chain for next-generation anode materials for electric vehicles.
With this agreement, L&F plans to diversify its battery material business following cathode materials and establish itself as a 'global battery material company.'
Mitsubishi Chemical independently developed an anode material technology that suppresses battery swelling, which affects battery life, overcoming the short lifespan previously considered a drawback of natural graphite.
The two companies expect to rapidly expand market share by leveraging this technology to combine the price competitiveness of natural graphite with the advanced technology of artificial graphite. The scale of investment and cooperation methods to strengthen the anode material supply chain will be carefully reviewed, and specific business plans will be finalized and announced in due course.
L&F aims to utilize Mitsubishi's next-generation anode material technology to strengthen the anode material supply chain in the North American market and increase localization rates in accordance with the U.S. Inflation Reduction Act (IRA).
Choi Su-an, CEO of L&F, stated, "Since the announcement of the IRA, automakers and battery cell companies have been actively moving to procure materials that can benefit from the legislation," adding, "We will leverage this opportunity to lead the market as a global material company by capitalizing on L&F's technological capabilities and competitiveness."
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