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Britishvolt signs agreement for battery materials with Posco Chemical

2022-07-01

Jul. 1, 2022 - According to the latest reports, Electric Vehicle (EV) battery startup, Britishvolt has signed a deal with South Korean battery materials firm Posco Chemical. This deal is designed to secure the supply of cathode and anode material. Britishvolt chief executive Orral Nadjari stated, “Gravel the way to providing Britishvolt with a steady supply of active battery matters as we start to slope up pilot production.”

These two companies have signed a memorandum of working on a longer-term agreement. “The deal with Britishvolt will help us expand our presence in the European market and accelerate our effort for client diversification”, said an official of POSCO chemical. “Our close cooperation through the deal will help both the firms lead the global EV market based on Britishvolt’s battery manufacturing technology and POSCO chemical’s materials firm.”  POSCO Chemical shares went down 3.06 percent to 111,000 won ($85.47) in the early session on Thursday.


Major carmakers have been racing to secure battery cell suppliers. Finding enough battery raw materials is not easy. Companies failing to obtain inadequate supplies of lithium, nickel, manganese, and cobalt often fail to deliver EVs on time. It also increases the cost. Thus, leading to fewer margins. So, to end this major problem POSCO and Britshvolt have signed up. Britishvolt said “POSCO’s ownership of mines and processing facilities across the battery sector would ensure “end-to-end, stable, supply chain supply.” POSCO will be supplying active battery materials and materials of Cathode and Anode to Britishvolt.

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