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POSCO Future M starts construction of high-nickel NCA cathode material plant
2023.04.28
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Photo) POSCO Future M held a groundbreaking ceremony for its Pohang plant for NCA cathode materials on the 28th of this month. Participants, including Kim Jun-hyung, President of POSCO Future M; Chung Dae-heon, Head of the Energy Materials Division; Son Dong-gi, Head of the Cathode Materials Office; and Kim Kwon, Head of Facilities Investment Office (from the fourth from left), have done a shovel presentation.
- It aims to establish a mass production system by 2025 for timely response to growing global demand
- It issued Korean Green Bonds to raise facility funds as its cathode business was recognized as contributing to greenhouse gas reduction
POSCO Future M commenced the construction of its first plant dedicated to high-nickel NCA cathode materials.
On April 28, the company held a groundbreaking ceremony at the 4th General Industrial Complex in Yeongil Bay, Pohang, Gyeongsangbuk-do Province, with participants, including POSCO Future M President Kim Jun-hyung, Head of POSCO E&C's Plant Division Kim Min-cheol, and Head of POSCO DX's Pohang EIC Division Kim Myeong-nam, in attendance.
The plant will be the company's first dedicated high-nickel NCA production facility, built on a 16,000㎡ site with a total investment of KRW 392 billion, and will start mass-producing products in 2025. The production capacity is 30,000 tons per year, enough to supply NCA cathode materials for about 300,000 electric vehicles using 60 kWh batteries.
* NCA cathode material: Cathode material made of lithium, nickel, cobalt, and aluminum as raw materials, which enables high battery density and power output to maximize efficiency.
Most of the investment costs will be covered by the recently issued Korean Green Bonds. POSCO Future M raised 300 billion won on April 27 as its cathode materials business was classified as an activity in the greenhouse gas reduction sector, one of the six environmental goals of the Korean Green Bonds program, making it eligible for bond issuance.
POSCO Future M, which signed a 10-year, 40 trillion won cathode material supply contract with Samsung SDI in January, will be able to supply high-nickel NCA cathode materials more reliably once the plant is completed.
“The new NCA cathode plant is the first production facility to be built after we changed our company name and will be a new starting point for the future, just as the new name implies,” said Kim Jun-hyung, President of POSCO Future M. "We will combine the competitiveness of POSCO Group's raw materials business with POSCO Future M's manufacturing capabilities to supply the highest quality products to the battery markets at home and abroad."
Photo) POSCO Future M held a groundbreaking ceremony for its Pohang plant for NCA cathode materials on the 28th of this month. Participants, including Kim Jun-hyung, President of POSCO Future M; Chung Dae-heon, Head of the Energy Materials Division; Son Dong-gi, Head of the Cathode Materials Office; and Kim Kwon, Head of Facilities Investment Office (from the fourth from left), have done a shovel presentation.