BEIJING (dpa-AFX) - China Petroleum & Chemical Corporation, or Sinopec Group (SNP, SNPMF.OB, 0386.HK, 600028.SS), and LG Chem,Ltd.(051910.KS), a South Korean chemical company, on Tuesday announced that they have inked a deal to jointly develop sodium-ion battery materials.
'The partnership aims to accelerate the commercialization of sodium-ion battery technologies, establish new business models, and extend cooperation into broader new energy and high-value materials sectors in the future,' the companies noted.
The two parties will collaborate on the development of cathode and anode materials for sodium-ion batteries, targeting applications in energy storage systems and low-speed electric vehicles.
Sodium-ion batteries offer significant advantages over lithium-ion batteries in terms of resource accessibility, cost efficiency, safety, and charging performance. They also maintain better capacity retention under low-temperature conditions, outperforming lithium iron phosphate batteries.
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