SEOUL, June 16 (Korea Bizwire) — South Korean battery maker SK On Co. and steel giant POSCO jointly announced on Wednesday that they had signed a memorandum of understanding to promote comprehensive cooperation in their burgeoning secondary battery business.
The two parties plan to unite forces to explore joint projects throughout the entire value chain of the rechargeable battery business ranging from raw materials such as lithium, nickel and cobalt to cathode and anode materials and recycling.
SK On shared its mid- and long-term vision for the expansion of secondary battery production and discussed the expansion of the POSCO group’s material supplies.
The two companies will create a working-level group to collaborate on mid- and long-term strategies for global expansion, investment in raw materials such as lithium and nickel, a road map for cathode development, expansion of anode supplies, and a collection network for used batteries.
SK Innovation Co., the parent company of SK On, signed a joint venture agreement with Solid Power, a Colorado-based solid-state battery developer, last year in a bid to expand its foothold in the next-generation battery market.
POSCO has been pushing to boost its EV battery materials business in recent years as part of a diversification strategy.
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