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POSCO Future M Co. Ltd., formerly known as POSCO Chemical, said it would allot $461 million as an investment to build a new production plant for cathode. The company said it is making this move to increase its production capacity for the said industrial material that is mainly used in the manufacturing of batteries.
POSCO Future M said it would construct the new facility in Pohang, and once completed, it expects to have an additional 46,000 tons of cathode products. Its ultimate goal is to produce 345,000 tons per year by the end of 2025.
At present, the company’s local and overseas cathode manufacturing facilities have a combined capacity of 105,000 tons. This material regulates the power and range of electric vehicle (EV) battery cells. Cathodes make up over 40% of the total production cost of cells.
At any rate, the South Korean battery component manufacturer said on Monday, April 24, that to be able to meet the growing global demand for cathode, it will construct another plant in the said region. Yonhap News Agency reported that the company’s board issued approval for the planned KRW614.8 billion or $461 million investment.
The facility will rise at the company’s industrial complex in Pohang, which is located around 260 kilometers from the southeast side of Korea’s capital city of Seoul. It will be a factory for main battery components, including nickel, cobalt, manganese, and aluminum, which are also called the NCMA.
In a press release, POSCO FUTURE M shared that the construction of the cathode plant in Pohang will commence before the second half of 2023. The production and sale of the battery materials will start in 2025.
Meanwhile, it was noted that POSCO Future M is also building a high-nickel cathode plant in Canada which expects to yield 30,000 tons annually. This is a joint venture project of the company with General Motors.
