Posco Future M said Wednesday it would set up a joint venture with China’s CNGR to develop cost-competitive cathode materials, targeting the rapidly expanding energy storage system battery market.
Under the agreement, Posco Future M will jointly develop lithium iron phosphate cathode materials through C&P Advanced Technology, its joint venture with CNGR and CNGR’s Korean subsidiary Fino.
The signing ceremony, held at Fino’s headquarters in Anyang, Gyeonggi Province, on Tuesday, was attended by Yoon Tae-il, head of energy materials marketing at Posco Future M; Liu Xingguo and Zhu Zongyuan, vice presidents of CNGR; Fino CEO Kim Dong-hwan and C&P Advanced Technology CEO Dai Zhufu.
The joint venture plans to build an LFP cathode materials plant in Pohang, with construction set to begin next year and mass production targeted for 2027. The facility is designed to expand to an annual capacity of up to 50,000 tons.
Posco Future M said it had yet to specify whether Korea or North America would be the primary target market, noting that supply plans would be determined depending on market demand.
Sources say the Chinese partner’s majority stake could limit Posco Future M’s access to US federal subsidies but would not prevent it from pursuing private ESS projects in North America by leveraging CNGR’s cost-competitive technology. As of August, the ownership structure stood at 51 percent for CNGR, 29 percent for Fino and 20 percent for Posco Future M.
hyejin2@heraldcorp.com
![[Exclusive] Ateez to return in November](https://wimg.heraldcorp.com/news/cms/2026/09/02/news-p.v1.20260902.76162fb0ba55493aad1c076f240d0750_R.jpg?type=h&h=120)