Pino Signs MOU for LFP Business Cooperation with POSCO Future M and CNGR

Pino, a secondary battery materials company, announced on August 11 that its affiliate CNP New Material Technology has signed a memorandum of understanding (MOU) with POSCO Future M and CNGR for cooperation in the lithium iron phosphate (LFP) cathode materials business. Under the agreement, the three companies will collaborate on various initiatives, including the establishment of facilities for LFP cathode material production and joint marketing efforts.

From the left, Zhu Zongyuan, Vice Chairman of CNGR, Taeil Yoon, Head of Energy Materials Business Division at POSCO Future M, and Li Bin, CEO of Pino. Photo by Pino

LFP batteries, along with high-performance nickel-cobalt-manganese (NCM) ternary batteries, are experiencing a surge in demand due to their safety and price competitiveness. In response to these changing market trends, the shareholders of CNP New Material Technology have decided to consider expanding their business from ternary precursors to also include LFP cathode material production.

The shareholders of CNP New Material Technology possess world-class iron phosphate (FP) and LFP production technologies. In addition, they have secured mining resources such as phosphorus, lithium, and nickel, and plan to actively support CNP New Material Technology’s domestic production of LFP cathode materials. By producing LFP cathode materials domestically, they aim to meet the demands of global key customers and secure a unique competitive advantage in the market.

A representative from Pino stated, "With this MOU, our secondary battery materials business has reached a significant turning point, expanding beyond existing NCM precursors to include LFP. Through CNP New Material Technology, which will be equipped with top-level technological capabilities and raw material procurement capacity, we will actively target the global LFP battery market."

The representative added, "Based on the strong business trust between POSCO Future M and CNGR, Pino will actively contribute as a specialized battery materials company by establishing a production base in Korea and securing a stable supply chain."

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