LG Chem & Korea Zinc announce component partership
LG Chem has announced a partnership with a South Korean smelter of nonferrous metals, Korea Zinc, to work together for a stable supply of EV battery components in North America.
LG Chem signed a memorandum of understanding with Korea Zinc on a comprehensive business partnership, including the joint exploration of metals that can be used in the manufacturing of cathode materials. The partnership will come with a stock swap between the two companies, worth a total of 257.6 billion won ($190.5 million). The announcement comes shortly after LG Chem unveiled a $3 billion plan to build its first cathode plant in the state of Tennessee.
According to LG Chem, the partnership will create a huge synergy in securing a stable supply chain of battery materials, using Korea Zinc’s smelting technology that enables the recovery of metals and manufacturing of high-purity metals.
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