Source: Yonhap News Agency
On November 4, South Korea’s chemical giant LG Chem announced that it had recently signed a joint development agreement with China Petroleum & Chemical Corporation (SINOPEC) to cooperate on the development of core materials for sodium-ion batteries.
According to the agreement, the two companies will jointly develop cathode and anode materials, which are key components of sodium-ion batteries, and work together to build a stable supply chain while enhancing cost competitiveness. The partnership will focus on promoting the diversified development of sodium-ion battery businesses targeting both global energy storage system (ESS) and electric vehicle (EV) markets, including China. The two sides also plan to expand their cooperation into clean energy and high value-added materials in the future.
LG Chem Vice Chairman Shin Hak-Cheol stated that the company will collaborate closely with SINOPEC to accelerate the development of next-generation battery materials and further strengthen its business portfolio aligned with customers’ future strategies.
SINOPEC Chairman Hou Qijun noted that the cooperation on sodium-ion battery materials will enhance both sides’ technological and market competitiveness, contributing to energy transition and sustainable development.
A signing ceremony for the joint development agreement between LG Chem and SINOPEC was held recently. (Photo by LG Chem)
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