LG Chem, a unit of South Korean industrial conglomerate LG Group, announced it had signed a contract to supply cathode active materials (CAM) to Prime Planet Energy & Solutions (PPES), a Japanese electric vehicle (EV) battery manufacturing joint venture between Toyota Motor Corporation and Panasonic Corporation. PPES supplies EV batteries to a number of vehicle manufacturers, not only to Toyota.
LG Chem wants to reduce its dependence on LG Energy Solution for its EV battery materials business, having set a target to generate 40% of revenues from other global battery manufacturers.
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LG Chem said it would supply CAMs to PPES from 2026 without disclosing the value and duration of the deal. CEO Shin Hak-cheol said in a statement: “Securing the cathode materials supply for PPES is a significant milestone. With our unique product and process technologies and competitive supply chain, we aim to continue forging global collaborations.”
LG Chem said it would “leverage its advanced, green conducive technologies to secure business with multiple global customers. Sharing with PPES the same vision of contributing to decarbonised society, LG Chem’s technical approach on CAM focuses on sustainable and innovative processes to ensure minimal environmental impact while maximising battery performance.”
