POSCO Future M signed a joint venture agreement (JVA) for LFP cathode materials with CNGR and FINO on the 23rd. (From left: FINO CEO Kim Dong-hwan; POSCO Future M Head of Energy Materials Marketing Division Yoon Tae-il; CNGR Vice President Zhu Zongyuan; C&P New Material Technology CEO Dai Zhufu) (Provided by POSCO Future M)
POSCO Future M has joined hands with CNGR, China’s largest battery materials company, and its Korean subsidiary FINO to target the rapidly growing energy storage system (ESS) market. The parties signed a joint venture agreement (JVA) for lithium iron phosphate (LFP) cathode materials at FINO’s headquarters in Anyang, Gyeonggi Province, on the 23rd.
Under this agreement, POSCO Future M will promote the construction of an LFP cathode materials plant in the Yeongilman 4 General Industrial Complex in Pohang. Construction is scheduled to begin in 2026 with mass production in 2027, and starting from this investment, the company aims to expand capacity to up to 50,000 tons per year.
LFP batteries have lower output than ternary batteries but offer advantages in terms of lower cost and longer lifespan. Recently, demand in the market has been surging as their use in ESS and mass-market electric vehicles increases. To enter this market at an early stage, POSCO Future M, separate from this agreement, plans to convert part of the high-nickel production line at its existing Pohang cathode plant into LFP cathode production facilities and begin supply in the second half of 2026 (July–December).
Kim Jae-hyung
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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