LG Chem, Sinopec to co-develop battery materials

SEOUL, Nov. 4 (Yonhap) -- LG Chem Ltd., South Korea's leading chemical company, said Tuesday it has signed an agreement with China's state-run oil and gas firm Sinopec Corp. to jointly develop battery materials and explore new business opportunities.

Under the partnership, the two companies will co-develop cathode and anode materials for sodium-ion batteries (SIBs), establish a stable supply chain and enhance price competitiveness, LG Chem said in a press release.

Sodium-ion batteries offer easier access to raw materials and greater price competitiveness than lithium-ion batteries, while also delivering more stable performance at low temperatures compared with lithium iron phosphate (LFP) batteries, it said.

"Through the collaboration with Sinopec, LG Chem will develop next-generation battery materials in a timely manner and continue to strengthen its battery portfolio to meet customers' future strategies," LG Chem Vice Chairman and CEO Shin Hak-cheol said.

The sodium-ion battery market is projected to grow at an average annual rate of 45 percent to reach 292 gigawatt hours (GWh) in 2034 from 10 GWh this year, LG Chem said, citing data from a market research firm.

China is expected to remain the dominant production base, accounting for more than 90 percent of global sodium-ion battery output by 2030.

kyongae.choi@yna.co.kr
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