LG Energy Solution has signed a long-term supply agreement for LFP cathode material with Changzhou Liyuan New Energy Technology from China. The material is to be used in battery cells for electric vehicles and stationary energy storage systems.
160,000 tons over five-year span
Under the terms of the agreement, LG Energy Solution will receive a total of approximately 160,000 tons of LFP cathode material from 2024 through 2028. According to LG, this amount is sufficient to produce batteries for one million electric vehicles with a range of more than 400 kilometers each. Both parties intend to discuss further supply agreements in the future, depending on market conditions. Financial terms of the agreement were not disclosed.
Mass production from second half of 2025
Late in 2023, LG Energy Solution started production of LFP batteries for stationary energy storage at its Chinese plant in Nanjing. The company is preparing to start mass production of cells for use in electric vehicles in the second half of 2025.
Source:
https://www.businesskorea.co.kr/news/articleView.html?idxno=211844
