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POSCO Chemical signs an agreement with Morrow Batteries to develop and supply cathode and anode materials
2021.10.25
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(Photo) POSCO Chemical has signed an agreement with European battery manufacturer Morrow for the development and supply of battery materials. (From the left) Morrow Batteries CEO Terje Andersen, Morrow Batteries Head of R&D Jon von Bulow, POSCO Chemical Head of Energy Material Business Unit Chung Dae-hun, (Vice President), POSCO Chemical Head of Energy Material Marketing Team Kwak Min-soo.
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(Photo) POSCO Chemical has signed an agreement with European battery manufacturer Morrow for the development and supply of battery materials. (From the left) Morrow Batteries CEO Terje Andersen and POSCO Chemical Head of Energy Material Business Unit Chung Dae-hun (Vice President).
- Morrow Batteries is establishing an eco-friendly factory that can produce 42GWh batteries every year using 100% renewable hydropower.
- Seeking client diversification with global battery manufacturers in Europe, China, and the U.S.
POSCO Chemical is out to expand into the European electric vehicle (EV) market in collaboration with Morrow Batteries (hereinafter “Morrow”) in Norway, who are currently in the process of building a large battery plant.
POSCO Chemical signed an agreement with Morrow to develop and supply cathode and anode materials for batteries that will be mass-produced by Morrow starting in 2024.
The ceremony was held online on the 21st with the attendance of POSCO Chemical Head of Energy Material Business Unit Chung Dae-hun, and Morrow Batteries CEO Terje Andersen.
Morrow is establishing a large battery plant in Arendal, Norway that will be able to produce 42GWh batteries every year, and that can be supplied to approximately 700 thousand high-performance EVs. The plant will also be making use of 100% renewable hydropower to produce its EV and ESS batteries. Major investors include Agdel Energy Venture, a subsidiary of Norway’s largest energy producer Statkraft, and Danish pension fund PKA.
POSCO Chemical has been closely collaborating with Morrow since the beginning of this year by supplying product samples. This partnership will help to accelerate Early Vendor Involvement (EVI) for the mass production of Morrow’s battery cells using POSCO Chemical’s materials.
Morrow can now significantly improve the quality of their batteries by applying POSCO Chemical’s cathode and anode material technologies, which are already used in many EVs, to their products. With POSCO Chemical who possesses a stable mass production capacity and raw materials such as lithium, nickel, and graphite, Morrow will also be able to enhance their business competitiveness.
According to market research agency IHS Markit, the size of the European EV battery market is expected to grow from 82GWh this year to 410GWh in 2026, an increase of more than five times the current amount. Norway is also known as having the highest EV penetration rate in the world, with EV sales reaching 54% of all vehicles in 2020.
In addition, POSCO Chemical also collaborates with multiple local battery manufacturers in Europe, the U.S., and China to co-develop and supply cathode and anode materials optimized for the batteries of each company.
To this end, POSCO Chemical decided to invest in cathode and precursor plants by forming a joint venture with Huayou Cobalt based in China in August and is also about to establish cathode corporations in Europe and the U.S. This July, the company formed a TF organization for incorporation and staffing in Europe and the U.S. to build a production base and obtain orders.
“Morrow’s innovative battery manufacturing technology combined with POSCO Chemical’s leading materials technology will lead the European EV market,” said Chung Dae-hun, Head of Energy Material Business Unit at POSCO Chemical. “We will provide the ultimate in technology solutions for our clients based on close collaboration.”
“We’ve formed a partnership with global materials leader POSCO Chemical so that we can produce the world’s most cost-efficient and sustainable batteries,” said Morrow Batteries CEO Terje Andersen. “This technical cooperation with POSCO Chemical will lay the groundwork for Morrow to secure business competitiveness and succeed in the European market.”
