Posco Chemical Co., a major South Korean producer of secondary battery materials, said Thursday it has obtained government approval for the export of its technologies related to producing cathodes, a key component used in electric vehicle cells.
The decision was made earlier this month by the private-public committee handling industrial technology protection under the Ministry of Trade, Industry and Energy, according to Posco Chemical.
South Korea has designated some 75 technologies in 13 industrial sectors, such as semiconductors, electrical and electronics, and steel as national core technologies subject to a strict security clearance in case of export.
High-nickel cathodes with more than 80 percent nickel content are one of the core technologies in the categories for technological and economic value and growth potential. Cathodes determine the power of EV batteries.
The government approval will give a boost to Posco Chemical's overseas push to expand its global foothold in North America and elsewhere, the company said.
Posco Chemical joined hands with General Motors Co. for their joint venture, Ultium CAM, to build a cathode plant in Quebec, Canada, by 2024.
It also has a stake in the project led by Zhejiang Posco-Huayou New Energy Co., a cathode joint venture between its parent, Posco Holdings Co., and China's Huayou Cobalt, to boost production capacity to 35,000 tons from the current 5,000 tons by 2025. (Yonhap)