The two companies promised to enhance cooperation in the field including lithium and cathode/anode materials, recycling, next-generation anode materials, etc.
POSCO Group CEO Jeong-woo Choi: “With this cooperation, I expect that we will grow together as a company lasting a century”
LG Energy Solution CEO Young-soo Kwon: “Through cooperation between the two companies, global competitiveness is sustainable…This is game-changing in the secondary battery field”
The two companies also discussed POSCO Group’s material supply plans suited to LG Energy Solution’s medium- and long-term purchasing plans
POSCO Holdings and LG Energy Solution strengthened cooperation related to the secondary battery business.
Amid the rise in global supply chain problems (USMCA, IRA), POSCO Group, which deals with the overall secondary battery business including lithium, cathode/anode materials, and recycling, and LG Energy Solution, which is a leading company in global batteries, have a plan to become more competitive by strengthening their cooperative relationship.
On Oct. 7, POSCO Group CEO Jeong-woo Choi and LG Energy Solution CEO Young-soo Kwon signed an MOU for strategic business cooperation in secondary battery materials at Park1 in Yeouido, Seoul, Korea.
In the agreement ceremony they promised to advance specific cooperation for a complete value chain with secondary batteries such as supplying and buying cathode/anode materials, lithium recycling, next-generation anode materials, and so on.
LG Energy Solution shared a plan for buying cathode/anode materials, and POSCO Group shared a plan to supply secondary battery materials and a regional extension acceleration plan following the IRA, and they double-checked their stable supply chain establishment relationship.
After the conclusion of the agreement, they will conclude mid- and long-term supply/sell contracts for cathode/anode materials and in the case of recycling and next-generation anode materials will materialize business and technical cooperation with a business team working group.
“With the business cooperation between POSCO Group, which has strength in the secondary battery business and LG Energy Solution, which is a leading company in the area of batteries for electric vehicles, competitiveness will increase,” POSCO Group CEO Jeong-woo Choi said, “I expect that we will grow together as a company lasting a century.”
LG Energy Solution CEO Young-soo Kwon said, “With POSCO Group and LG Energy Solution cooperating closely now as in the past, the two companies can protect themselves from various issues such as the U.S. IRA, and I believe we can be game-changing companies in the secondary battery field, aiming for the best in the world.”
POSCO Group has supplied cathode materials to LG Chemical since 2012, and also supplies anode materials, there is a close cooperation relationship between the two companies.