Britishvolt & Posco Chemical join forces on batteries
Britishvolt and South Korean company Posco Chemical have agreed to collaborate on the development and supply of anode and cathode materials for electric car batteries. Britishvolt is securing a stable supply of raw materials ahead of commercial production of its battery cells.
Britishvolt‘s factory in Blyth in the northern English county of Northumberland will have an annual capacity of around 38 GWh instead of 30 GWh. There are also plans for its second factory in Canada with a capacity of over 45 GWh.
With this collaboration, the two companies have agreed to work together on the development of battery materials to be used in Britishvolt battery systems and to promote supply agreements in the future. In addition to local production of battery materials in Europe, the two companies also aim to establish a sustainable global supply chain to secure raw materials.
The new agreement should allow Posco Chemical to accelerate the expansion of its activities in the European market. Posco says that materials testing and potential European Union localisation are important considerations for signing the MoU.
In the context of the MoU, Posco says that its vertical integration strategy, which involves the ownership of mines and processing facilities across the battery sector, ensures end-to-end, stable, supply chain supply. The company sees that this is “perfectly aligned with Britishvolt’s strategy.”
Posco Chemical President Min Kyung-zoon says. “The cooperation between Britishvolt, a pioneering battery cell developer and producer committed to creating environmentally friendly, low carbon, sustainable, lithium-ion batteries, and Posco Chemical, which has a stable supply chain, will further enhance the competitiveness of both companies.”
The further goal of both companies is to execute a Joint Development Agreement to create “a framework for longer term cooperation and opportunities,” as Posco says. Britishvolt has signed various memoranda of understanding with, among others, the British car manufacturers Aston Martin and Lotus.