POSCO to supply EV battery material to LG-GM joint venture

POSCO Chemical Co. will supply anodes to Ultium Cells, a joint venture of US automaker General Motors Co. and South Korean battery maker LG Energy Solution Ltd.

Anodes, part of lithium-ion batteries used in EVs, preserve lithium coming from the cathode and generate electricity while releasing lithium.

In December, POSCO Chemical had struck a supply deal with Ultium Cells for cathodes, another crucial material for EV batteries.

POSCO Chemical is an affiliate of South Korea's steel giant POSCO Group.

LG and GM are building a 2.8-million-square-foot battery cell plant worth $2.3 billion in Lordstown, Ohio, set for completion in 2022.

Ultium Cells will mass-produce Ultium battery cells at the facility.