L&F Collaborates with China's CNGR on LFP and IRA Response Utilizing US-Morocco FTA

LNFL announced on the 28th that it has signed a mid- to long-term memorandum of understanding (MOU) with Chinese precursor company CNGR (Zhongwei) to respond to the US Inflation Reduction Act (IRA).

LNFL and CNGR plan to collaborate to establish the entire LFP (Lithium Iron Phosphate) process supply chain and production system.

In recent years, the two companies have been discussing securing a large-scale supply chain in the bonded zone of Morocco, a US Free Trade Agreement (FTA) partner country, to respond to the IRA.

LNFL explained that this MOU is part of a long-standing cooperation.

From the left, Donghwan Kim, General Manager of CNGR; Tony Tao, CEO; Suan Choi, CEO of L&F; and Seonggyun Jang, CPO/President of L&F. Photo by L&F

Previously, LNFL signed an MOU with ONE, the first US LFP battery specialist company, for LFP supply, and is also responding to the LFP market as well as supplying NCM (Nickel Cobalt Manganese) precursors for the IRA.

An LNFL official said, "We have established the first quasi-mass production scale LFP production line in Korea at the Guji 3 plant in Dalseong-gun, Daegu, and the LFP developed with our own technology is receiving positive responses."

This content was produced with the assistance of AI translation services.