SEOUL : South Korea’s LG Chem and China’s Huayou Cobalt are expected to invest a combined 1.2 trillion won ($923 million) to build a battery material production facility in Saemangeum, South Korea, a newspaper reported on Friday.
The two companies are expected to sign a memorandum of understanding next week to cooperate in building facilities to produce 50,000 tonnes of cathode precursors, a key battery material, annually from 2029, the Korea Economic Daily reported, citing unnamed industry sources.
LG Chem did not have an immediate comment. A Huayou Cobalt official could not be immediately reached outside office hours.
($1 = 1,300.8200 won)