Posco Chemical, the battery and chemical materials manufacturing arm of Posco Group, said Sunday it will expand investment in low-expansion anodes, a material needed for electric vehicle batteries.
Low-expansion anodes are uniquely developed by Posco Chemical that enhance the safety, lifespan and charging speed but at a more affordable price, according to the company.
The production expansion plan from the current 7,000 metric tons to 35,000 tons was approved by the board of directors on Friday.
Under the plan, the company will convert the natural graphite anode manufacturing plant in Sejong into a low-expansion anode manufacturing plant for production starting next year.
The plan came in response to the increased market demand from global battery makers and electric vehicle manufacturers, officials said.
With the investment, it completes the firm’s anode production lineup which includes natural graphite anodes, low-expansion anodes, synthetic graphite anodes and silicon anodes.
“The company’s latest investment expansion is to differentiate battery material (product) based on our unique technology and to bridge the gap with other players in the market,” said Posco Chemical President Min Kyung-zoon.
By Kim Da-sol (email@example.com