L&F will supply LFP cathode materials to Our Next Energy (ONE), a North American lithium iron phosphate (LFP) battery company for electric vehicles.
The company announced on the 3rd that it has signed a memorandum of understanding (MOU) with Our Next Energy regarding this matter.
ONE is an LFP cell startup headquartered in Michigan, USA, engaged in electric vehicles, energy storage systems (ESS), and renewable energy grid businesses. Through this agreement, the two companies will cooperate in the mass production and supply of LFP batteries at ONE's Michigan gigafactory, which is expected to operate at up to 20 gigawatt-hours (GWh) starting in 2027. Additionally, they are positively discussing cooperation plans for additional volumes beyond this MOU.
L&F recently established and is operating a pilot line for the mass production of LFP and LFMP (lithium iron manganese phosphate). Based on this, they plan to commence full-scale production of developed products.
Through this agreement, L&F will become the first domestic producer of LFP cathode materials that meet the battery critical minerals requirements under the U.S. Inflation Reduction Act (IRA), supplying North American electric vehicle battery companies and establishing long-term partnerships.
Paul Humphries, CEO of ONE, stated, "L&F is a verified cathode material company from Korea, a country with a free trade agreement (FTA) with the United States, and has the capability to supply the highest quality products and quantities that ONE requires."
Choi Su-an, CEO of L&F, said, "We will continue to expand cooperation to provide high quality and stability to North American electric vehicle and battery companies," adding, "Based on the expansion of a stable supply chain, we will solidify our position as a leading cathode material company with the best technology."
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