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POSCO Chemical inked a six-year deal with Ultium Cells LLC, the US-based company that was established via the joint venture between General Motors and LG Energy Solution. The contract is for the supply of synthetic graphite anode materials.
POSCO Chemical’s deal with the GM-LGES joint venture firm is said to be worth $688.6 million, and this was announced by the company on Monday, Dec. 5. The agreement involves large-scale delivery of artificial graphite anode material to Ultium Cells to help expand the battery cell production for electric vehicles in the United States.
As per The Korea Herald, the agreement came just a year after the chemical arm of the POSCO Group completed the construction of its plant in Pohang, located in North Gyeongsang Province. It was built to localize the manufacturing of artificial graphite anode materials. Before the Pohang plant was built, the said raw materials were mostly produced in China.
LGES and General Motors launched Ultium Cells LLC battery cell production earlier this year in Ohio. it was established to support the latter’s expanding portfolio of EVs. The companies are also opening a second plant in Tennessee next year while a third one is being constructed in Michigan.
Based on the regulatory filing, the South Korean chemical company will start the battery supply of key materials for battery production in 2023 and will continue until the last quarter of 2028. Artificial graphite anode materials are the main components used in making EV batteries and offer faster recharging speed. This can also prolong battery life.
“The six-year, KRW 939.3 billion agreement calls for artificial graphite anode materials produced at the Pohang plant to be supplied to Ultium Cells, a battery joint venture between General Motors and LG Energy Solution,” POSCO Chemical stated in a press release.
"As the only anode materials company in Korea, we have set up a complete value chain from raw materials to materials production, and our business competitiveness through the expansion of our product portfolio has led to securing a contract," the company’s chief executive officer, Min Kyung Zoon said in a separate statement.
He added, "Based on our stand-alone technology and competitiveness in raw materials, we will push for expanding global customers and become a global top-tier battery materials company by fostering the anode and cathode materials businesses in a balanced way."
