This photo, provided by POSCO Chemical, shows its plant in Gwangyang, about 420 kilometers southwest of Seoul.
SEOUL, May 14 (Korea Bizwire) — POSCO Chemical Co., an affiliate of South Korea’s steel giant POSCO Group, said Thursday it has expanded production capacity of cathode material, a key component for electric vehicle (EV) batteries.
POSCO Chemical said the move will boost its annual production capacity of cathode to 30,000 tons from the previous 5,000 tons at its plant in Gwangyang, about 420 kilometers southwest of Seoul.
The company also plans to eventually raise its annual production capacity of cathode to 90,000 tons.
POSCO Chemical said it plans to supply cathode to EV battery facilities in South Korea, Europe, China and the United States.
The EV battery market has been on a roll as automakers around the world race to go electric and eco-friendly due to tightened regulations on greenhouse gas emissions, which scientists say are to blame for global warming.
(Yonhap)
