This file photo provided by POSCO Future M shows its cathode plant in Pohang, 270 kilometers southeast of Seoul. (Yonhap)
SEOUL, Jan. 27 (Korea Bizwire) – POSCO Future M, the battery materials unit of South Korean steelmaker POSCO Holdings Inc., said Tuesday it has invested in U.S. battery firm Factorial Inc. as part of a partnership to develop all-solid-state batteries (ASBs).
The investment aims to help Factorial commercialize ASBs and allow POSCO Future M to secure a foothold in the next-generation battery market, the company said in a press release.
The amount of the investment was not disclosed.
“The investment will enable POSCO Future M to prepare for explosive growth in the ASB market, while allowing Factorial to secure stable supplies of battery materials,” the release said.
Massachusetts-based Factorial, a leading player in the ASB industry, is planning an initial public offering (IPO) on the U.S. stock market. It currently operates a pilot ASB production facility in Cheonan, about 87 kilometers south of Seoul.
POSCO Future M’s Dedicated NCA Cathode Plant in Pohang (Image provided by POSCO Future M)
ASBs are next-generation batteries that use solid electrolytes instead of liquid ones, reducing fire risks and improving driving range in electric vehicles. They are widely regarded as a potential game changer in the battery industry.
POSCO Future M said ASB materials under development are expected to be applied not only to autonomous electric vehicles and urban air mobility (UAM), but also to physical artificial intelligence (AI) technologies, including humanoid robots and other robotics applications.
According to global market research firm Statista, the physical AI market is projected to grow at an average annual rate of 23 percent, reaching 94 trillion won (US$64.3 billion) in 2030, up from 7 trillion won in 2020.
POSCO Future M currently produces cathode materials for nickel-cobalt-manganese (NCM) and nickel-cobalt-manganese-aluminum (NCMA) batteries. It plans to expand its product portfolio to include lithium iron phosphate (LFP), ASBs and lithium manganese-rich (LMR) batteries.
(Yonhap)
