South Korea’s LG Chem Ltd has signed an agreement with China’s state-owned oil and gas company Sinopec Corporation to collaborate in the development of materials for sodium-ion batteries, and to explore joint business opportunities in this segment.
Sodium-ion batteries are seen as a promising, low-cost option for battery cells for electric vehicles (EVs) and Energy Storage Systems (ESSs). They are also seen as providing a more stable performance at low temperatures compared with lithium iron phosphate (LFP) batteries.
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The two companies have agreed to co-develop cathode and anode materials for sodium-ion batteries, as well as to establish a stable supply chain with significant economies of scale.
LG Chem’s vice chairman and CEO, Shin Hak-cheol, said in a statement: “Through the collaboration with Sinopec, LG Chem will develop next-generation battery materials in a timely manner and continue to strengthen its battery portfolio to meet customers’ future strategies.”
Sinopec said the partnership “aims to accelerate the commercialization process, expand the business models for sodium-ion batteries, and extend cooperation to the fields of new energy and high-value-added materials in the future.”
