Britishvolt signs deal with Posco Chemical for battery materials

Electric vehicle (EV) battery startup Britishvolt has signed a deal with South Korean battery materials firm Posco Chemical designed to secure the supply of cathode and anode materials, the two companies said on Thursday.

The two companies have signed a memorandum of understanding and are working on a longer-term agreement, which “paves the way to providing Britishvolt with a secure supply of active battery materials as we start to ramp up pilot production”, Britishvolt chief executive Orral Nadjari said in a statement.

Earlier this year, Posco and U.S. carmaker General Motors announced they would jointly build a $400 million plant to produce cathode materials that will be able to supply 1 million EVs in North America by 2025.

Major carmakers have been racing to secure battery cell supplies, but finding enough battery raw materials may be a bigger problem.

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