Korea’s leading chemical manufacturer, LG Chem, said Tuesday it had partnered with Sinopec, China's largest comprehensive energy and chemical company, to develop next-generation battery materials.
Under the agreement, both companies plan to jointly develop anode materials and cathode materials — key components for sodium-ion batteries — and to build a stable supply chain and secure cost competitiveness.
According to LG, sodium-ion batteries have advantages such as abundant raw materials, excellent price competitiveness, and less performance degradation at low temperatures compared to lithium-ion batteries. Due to its high safety and charging speed, it is in the spotlight as a high-growth battery technology.
The company said it will diversify its business model by targeting the global energy storage system and entry-level electric vehicle markets with Sinopec, and will expand cooperation in the eco-friendly energy sector in the future.
"LG Chem is a leading global battery material company and has provided differentiated solutions in the global battery market," said Shin Hak-cheol, vice chairman of LG Chem. "We will develop next-generation battery materials in a timely manner through cooperation with Sinopec and continue to strengthen our business that meets our customers' future strategies."
"Sinopec's corporate vision is to become a world-leading clean energy and premium chemical company. This collaboration in developing sodium-ion battery materials will further strengthen the technology and market competitiveness of both companies, and help promote energy transition and sustainable development." said Sinopec Chairman Hou Qijun.
sunblessyou@heraldcorp.com
