South Korea’s LG Chem said it would engage in a joint venture to make electric vehicle (EV) batteries with China’s Tianjin B&M Science and Technology (B&M), which specialises in cathode materials.
B&M’s capital investment in LG Chem’s Gumi EV batteries cathode production plant will result in a 49% stake in the JV with the remaining 51% to be held by LG Chem.
Both partners said they would commit a total of 500 billion won ($403 million) towards the initiative between now and 2025.
The EV batteries JV would be led by Kim Woo-sung, current president of LG Chem’s Gumi site, the South Korean company said.
Vertical Integration System
“The establishment of the joint venture further cements our vertical integration system with key raw materials to produce affordable, high quality cathode materials,” said Shin Hak-cheol, chief executive of LG Chem.
He said the JV would…
LG Chem Signs EV Batteries JV With China Cathode Maker
