South Korean chemical company Posco Future M signed a memorandum of understanding with Chinese battery material manufacturer CNGR and its South Korean subsidiary, FINO. They plan to develop the business of cathode materials for lithium iron phosphate batteries, initially targeting the energy storage systems market.
Plans include constructing production facilities for LFP cathode materials and engaging in joint marketing activities. The companies did not disclose any specific details about potential production capacity or timelines.
Implementation will be carried out through C&P New Material Technology, a joint venture founded in 2024. CNGR holds a 51 percent stake in the venture, FINO holds a 29 percent stake, and Posco Future M holds a 20 percent stake. Originally established for the production of precursor materials for battery cathodes, the joint venture is currently building a factory in Pohang, North Gyeongsang Province. Series production is scheduled to begin there in 2026.
