This photo, provided by Hyundai Motor Group on Sept. 26, 2024, shows Chung Soon-jun (R), senior vice president of Hyundai Motor’s electrification materials development division; Lim Hee-jung (L), senior vice president of Hyundai Steel’s advanced development division; and Seo Jun-won, executive vice president for research at Ecopro BM, taking a commemorative photo at a meeting held at a hotel in Daejeon, some 140 kilometers south of Seoul, the previous day. (Image courtesy of Yonhap)
SEOUL, Sept. 26 (Korea Bizwire) — Hyundai Motor Co. and Kia Corp., South Korea’s leading automotive companies, said Thursday they have launched a joint project to develop cathode material technology for producing LFP (lithium iron phosphate) batteries for electric vehicles.
The joint project, also involving Hyundai Steel Co. and Ecopro BM Co., aims to develop a technology for synthesizing materials directly without using precursors during the manufacturing of LFP battery cathodes.
Hyundai Motor and Kia, in collaboration with Hyundai Steel, plan to develop high-purity fine iron powder processing technology using recycled steel. Ecopro BM will utilize this to develop directly synthesized LFP cathode materials.
The project, supported by the Ministry of Trade, Industry and Energy, will run for four years, the automakers said. The companies’ representatives held a meeting Wednesday to discuss future cooperation.
If the project is proven successful, LFP battery production could become more cost competitive, as currently most cathode precursors are produced in a few specific countries, leading to high import dependency.
The project could potentially enable the establishment of a stable domestic supply chain for raw materials for LFP batteries, reducing reliance on imports and enhancing supply chain security for the country, the companies said.
“Through this project, we hope to reduce reliance on foreign imports and internalize the necessary technologies, thereby enhancing the technological competitiveness of both the nation and Hyundai Motor Group,” the automakers said.
(Yonhap)
