China Petroleum & Chemical Corporation (Sinopec) and LG Chem from South Korea have signed an agreement to jointly develop materials for sodium-ion batteries. The collaboration will involve researching and producing both cathode and anode materials. The target markets are energy storage systems and small electric vehicles, initially focusing on China with later expansion to the global market.
Chinese market could grow 29-fold
Through their partnership, the companies aim to accelerate the commercialization of the sodium-ion technology and establish new business models. They also plan to expand their collaboration to other areas of “new energy” and high-performance materials in the long term. Sodium-ion batteries are considered a more cost-effective alternative to lithium-ion systems because sodium resources are more readily available. They are also said to offer advantages in terms of safety, charging speed, and performance at low temperatures. According to the two companies, the Chinese market for sodium-ion batteries is expected to grow from the current level of ten gigawatt-hours to 292 gigawatt-hours by 2034.
