LG Chem has formed a joint venture with battery materials manufacturer Korea Energy Materials (KEMCO) to invest more than 200 billion KRW ($160 million) in the construction of a battery precursor materials production line in the Onsan Industrial Complex in Ulsan. Construction of the line is set to begin this July.
The metals provided by KEMCO and recycled metals from scrap and waste batteries will be recycled and used to produce NCMA precursor materials for EV batteries. LG Chem says, “The recycling process of the joint venture combines dry and wet processes to maximize the metal recovery rate compared to existing processes.”
After full production starts in the second quarter of 2024, LG Chem says the production line will produce 20,000 tons of precursor metals per year.
Precursor materials from the line will supply LG Chem’s cathode plant in Cheongju, South Korea.
Source: LG Chem