POSCO Chemical to supply battery material for LG-GM joint venture

An employee of POSCO Chemical Co., an affiliate of South Korea's steel giant POSCO Group, checks the production line for anodes

POSCO Chemical Co., an affiliate of South Korea’s steel giant POSCO Group, said Monday it will provide a key material for Ultium Cells‘ rechargeable batteries for electric vehicles, Yna.co.kr reports.

POSCO Chemical said it will supply anodes to Ultium Cells, a battery joint venture of South Korean battery maker LG Energy Solution Ltd. and American automaker General Motors Co.

In December, the chemical company struck a supply deal with Ultium Cells for cathodes, another crucial material for EV batteries.

POSCO has expanded investment in chemicals for rechargeable batteries as the EV battery market has been on a roll as automakers around the world race to go electric and eco-friendly due to tightened regulations on greenhouse gas emissions.

GM and LG are currently spending $2.3 billion on a new battery cell plant in Ohio, which is expected to be completed in 2022.

The plant is considered a linchpin of GM’s plans for its next-generation EVs.