SEOUL -- South Korea's steel-making conglomerate POSCO Group and SKC, the chemical material manufacturing wing of SK Group, have forged a partnership to collaborate in future businesses in the global secondary battery market predicted to reach $300 billion by 2030.
Secondary batteries are basically rechargeable batteries that are used in people's everyday lives. Large-capacity secondary batteries are especially crucial in the electric vehicle sector where lithium-based batteries became the core part of clean energy vehicles. Secondary batteries are also used in the renewable energy sector to store electricity generated by renewable energy sources such as solar power generators, wind farms, and micro hydro power plants.
POSCO Group and SKC said in a joint statement that the two companies signed a general cooperation agreement to collaborate on the development of lithium-metal electrode materials and manufacturing processes. Lithium-metal electrodes are produced by plating copper foils with lithium. The next-generation electrodes have about ten times more energy density than ordinary carbon-based electrodes.
POSCO Group has been developing new lithium-metal electrodes since 2017 and plans to commercialize new battery parts by 2026. The steel-making group would create synergy with SKC, the world's top copper foil maker. The two companies will also join hands to acquire new supply channels for secondary battery materials.
"Through synergy created by POSCO Group's strong infrastructure, we will be able to beef up South Korea's competitiveness in the secondary battery industry. We will continue our cooperation to create a meaningful result in the global market," SKC CEO Park Won-cheol said in a statement on May 30.
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