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POSCO FUTURE M Amplifies High-Nickel NCA Cathode Production to Exceed 50,000 Tons Annually
2023.07.25
- The project is set to break ground in the first half of 2024, eyeing completion by the latter half of 2025.
- Aspires to command the global marketplace by establishing a cathode production prowess of 1 million tons by 2030.
POSCO FUTURE M is on track to bolster its high-nickel NCA cathode production capabilities beyond 50,000 tons annually.
In a board meeting held on the 24th, POSCO FUTURE M sanctioned a proposal to erect a high-nickel NCA cathode plant at the Yulchon First Industrial Complex in Gwangyang-si, Jeollanam-do, Korea investing KRW 683.4 billion. The plant's design accommodates an annual production capacity of 52,500 tons. The ground-breaking ceremony is slated for the first half of the upcoming year, targeting completion in the second half of 2025.
NCA cathodes, a lithium, nickel, cobalt, and aluminum product, are experiencing soaring global demand, credited to their capacity to optimize efficiency with superior battery density and output.
This recent venture into a dedicated NCA plant marks the company's second stride, following the initiation of a 30,000-ton factory in Pohang in April.
POSCO FUTURE M's latest investment showcases its assertive response to the global cathode market's necessities, having led the NCM and NCMA markets through ongoing investment and R&D since entering the cathode sector in 2012.
By the time the new factory is operational in the second half of 2025, the NCA cathode production capacity will have increased to 80,000 tons.
When accounting for the confirmed production capacities of NCM and NCMA amounting to 240,000 tons by 2025, the aggregate cathode production capacity will escalate to an estimated 320,000 tons.
The Yulchon Complex in Gwangyang is already home to POSCO HY Clean Metal, leading the recycling business, and POSCO Pilbara Lithium Solution, manufacturing lithium hydroxide. These, coupled with a high-nickel cathode plant boasting an annual capacity of 90,000 tons – the largest of its kind globally, are shaping the secondary battery material business for the POSCO Group. The addition of the NCA cathode plant is projected to stimulate various business synergies.
SNE Research forecasts that the global electric vehicle market will continue its upward trajectory, with electric vehicle production poised to hit 48.3 million units by 2030. With this global growth trend, POSCO FUTURE M is set to expand its cathode production capacity to 1 million tons by 2030, marking a proactive stance in the industry.