South Korean battery maker Samsung SDI said on May 29 it has started injecting capital into EcoPro EM, a joint venture with EcoPro BM Co Ltd, Cheongju, Chungbuk, a supplier of electric vehicle battery materials to Samsung, The Korea Herald reports.
According to Samsung SDI, it will fund a total of 120 billion won ($96.9 million) with EcoPro BM into EcoPro EM. Samsung SDI and EcoPro BM will contribute 48 billion won and 72 billion won, respectively, to control 40 percent and 60 percent of the JV, respectively.
The JV is expected to begin construction of a cathode material plant in Pohang, North Gyeongsang Province, within this year. The plant will start production of cathode materials for NCA (nickel cobalt aluminum) 811 batteries in the first quarter of 2022.
EcoPro BM aims to increase its production capacity of cathode materials by 150,000 metric tons including that of the JV and manufacture a total 180,000 metric tons in 2023.