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LG Chem and Huayou Group have extended their cooperation to build a new Lithium Phosphate Iron (LFP) cathode plant in Morocco. For this project, the companies are aiming to earn tax credits from the United States Inflation Reduction Act (IRA).
Many battery makers in South Korea are looking for cheaper batteries to make electric vehicles more affordable. For this, LG Chem agreed to set up an LFP cathode material factory with
China’s Huayou Cobalt. They chose Morocco for the location as it has a free trade agreement with the U.S.
“LFP cathode materials produced at the Morocco plant will be supplied to the North American market and subsidized by the U.S. Inflation Reduction Act (IRA) as Morocco is a signatory to the U.S. Free Trade Agreement (FTA),” LG Chem stated.
LG Chem said on Sunday, Sept. 24, that along with Huayou Group, their goal is to start the mass production of cathode materials by the year 2026. According to The Korea Times, the Korean chemical firm signed an all-inclusive memorandum of understanding (MOU) with the China-based mining company last week. They have agreed to work together for business involving the supply chain of cathode materials.
Under the contract, LG Chem and Huayou will put up four facilities that will include an LFP cathode material factory and a lithium conversion production facility - both in Morocco. Then in Indonesia, they will build a high-pressure acid leaching (HPAL) plant and a precursor plant.
“We will actively respond to the emerging LFP cathode material market with the Morocco plant as our global base,” LG Chem’s chief executive officer, Shin Hak Cheol, said in a press release. “Our goal is to create a strong, vertically integrated material supply chain — flowing from raw materials to precursors and cathode materials - and solidify our status as the world’s top comprehensive battery materials producer.”
Photo by: LG Chem Newsroom
