🏭LG Chem, Huayou Cobalt to form 2 JVs in China; precursors & cathodes for EV batteries; supporting 400K EV packs/year
13 April 2018
LG Chem will form two joint ventures with China’s Zhejiang Huayou Cobalt to secure supplies of cobalt for Li-ion batteries.
Huayou Cobalt is the world’s largest producer of refined cobalt, delivering 20,000 tons in 2017.
LG Chem will invest KRW 239.4 billion (USD 224 million) by 2020 to establish two joint ventures: one for precursor materials, the other for cathode materials.
The precursor joint venture will be established in Zhuzhou City, Zhejiang Province, China, and LG Chem will take a 49% stake.
The cathode JV will be established in Wuxi City, Jiangsu Province, China, and LG Chem will secure a 51% stake.
http://www.lgchem.com/kr/lg-chem-company/information-center/press-release/news-detail-2699