SEOUL (dpa-AFX) - Posco Future M Co., Ltd., a wholly owned subsidiary of POSCO Holdings Inc. (PKX, PIDD.L), on Monday, said it is accelerating its lithium iron phosphate cathode material business to address rising demand from the energy storage system market by signing a joint venture agreement with CNGR and FINO, CNGR's Korean subsidiary.
The company plans to begin construction in 2026 and start mass production in 2027, with initial capacity to be expanded to a maximum of 50,000 tonnes per year.
Under the agreement, the company will proceed with the construction of an LFP cathode material plant at the Yeongil Bay General Industrial Complex in Pohang.
The partnership is expected to enhance cooperation across production, technology and marketing.
Separately, the company plans to convert part of its existing high-nickel cathode material production lines at its Pohang plant to LFP production lines, with initial LFP supply targeted for the second half of 2026.
On Friday, POSCO had closed at $54.06, 0.60 cents higher on the New York Stock Exchange. In the after-market hours, the stock traded 0.72 cents higher before ending the trade at $54.78.
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