Posco Chemical CEO Min Kyung-zoon (left) and Britishvolt CEO Orral Nadjari (right) pose for a photo after signing an agreement in UK, Thursday. (Posco Chemical)
Posco Chemical, a chemical materials provider under South Korean steel giant Posco, has joined hands with UK’s sustainable, low-carbon battery company Britishvolt to co-develop battery materials and expand presence in the European market, according to the firm on Thursday.
Under the partnership, the two firms will work on developing battery materials for Britishvolt’s EV batteries and push ahead with mass-production deals to expand supply chain in the European market. They plan to handle raw materials secured in Europe at local production facilities for stable supply.
“A cooperation between Posco Chemical and Britishvolt will upgrade both firms’ market competitiveness through stable supply chain, ultimately for an eco-friendly battery business,” said Posco Chemical CEO Min Kyung-zoon.
Britishvolt founder and CEO Orral Nadjari said that the latest partnership has enabled Britishvolt to form a stable platform to mass produce sustainable EV batteries based on customers’ needs.
Britishvolt, headquartered in West Midlands, is currently working on securing an annual production capacity of 100 gigawatt hours from its facilities under construction in Northumberland in England and the Canadian city of Quebec. Its list of major clients includes British carmakers Aston Martin and Lotus.
With a focus on delving into the rechargeable battery materials business as a new growth driver, Posco Chemical has clinched partnerships with European firms to tap deeper into one of the largest EV markets in the world. Last October, the Korean firm signed a deal with Norwegian battery maker Morrow Batteries to develop and supply key battery materials like cathode and anode.
By Kim Da-sol (email@example.com