Chinese corporation collaborates with POSPCO Future M on a battery material development initiative under a formal agreement.
In an exciting development for the battery industry, POSCO Future M, CNGR Advanced Material, and FINO have announced a joint venture to produce lithium iron phosphate (LFP) cathode materials for energy storage systems (ESS) [1][2][3]. The joint venture, named C&P Advanced Technology JV, will be owned 51% by CNGR, 29% by FINO, and 20% by POSCO Future M.
This partnership builds on an earlier joint venture agreement from 2023 and aims to expand POSCO Future M’s battery cathode material portfolio beyond their current nickel-cobalt-manganese and nickel-cobalt-aluminum product lines to include LFP for ESS and potentially entry-level electric vehicles. The new facility's exact location, production capacity, and timeline have not been disclosed.
The strategic move is aligned with the growing global demand for cost-effective and long-lasting LFP batteries, especially in the ESS market, as LFP batteries are about 30% cheaper than NCM batteries and are favored for their safety and lifespan advantages.
CNGR's Korean subsidiary, Fino, also joined the partnership, marking Posco Future M's first major partnership with a Chinese firm for battery materials development. This collaboration could potentially strengthen Posco Future M's position in the global battery materials market.
However, details on the financial terms of the MOU and the potential project have not been disclosed. The companies are yet to announce the location, production capacity, and timeline for the project. If successful, the project could contribute to the growing popularity of LFP batteries in the battery market, responding to rising ESS demand worldwide.
Sources:
[1] BusinessKorea. (2025, August). POSCO Future M and CNGR to Develop LFP Cathode Materials for ESS. Retrieved from https://www.businesskorea.co.kr/news/articleView.html?idxno=81566
[2] Yonhap News Agency. (2025, August). POSCO Future M, CNGR, and FINO to Develop LFP Cathode Materials for ESS. Retrieved from https://english.yonhapnews.co.kr/news/2025/08/16/0200000/202508160100000049.html
[3] Korea JoongAng Daily. (2025, August). POSCO Future M, CNGR, and FINO to Develop LFP Cathode Materials for ESS. Retrieved from https://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3095577
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