LG Chem Partners with China’s Sinopec to Develop 'Sodium-Ion Batteries'

Higher Resource Accessibility Than Lithium... Korea-China Collaboration
Joint Development of Core Battery Materials and Supply Chain Establishment
Shin Hakcheol: "Next-Generation Battery Materials Will Be Developed in a Timely Manner"

LG Chem is partnering with Sinopec, China’s largest integrated energy and chemical company, to develop next-generation battery materials. This collaboration between South Korea and China marks a new cooperative structure in the competition to advance sodium-ion battery (SIB) technology, which is emerging as an alternative to lithium-ion batteries.

On November 4, LG Chem announced that it had signed a joint development agreement (JDA) for core sodium-ion battery materials with Sinopec on October 30. Through this agreement, the two companies will jointly develop key battery materials such as cathode and anode materials, while also working to establish a stable supply chain and secure cost competitiveness. LG Chem and Sinopec have been collaborating since the early 2000s, including establishing petrochemical joint ventures in China. With this latest agreement, the scope of their partnership will expand into the field of battery materials.

Shin Hakcheol, Vice Chairman of LG Chem (third from left), and Hou Qijun, Chairman of Sinopec (second from left), are posing for a commemorative photo after signing a joint development agreement for sodium-ion battery materials at the LG Twin Towers in Yeouido on the 30th of last month. LG Chem

Sodium-ion batteries are considered to have better resource accessibility and price competitiveness compared to lithium-ion batteries. They are also known to experience less performance degradation at low temperatures than lithium iron phosphate (LFP) batteries, and are superior in terms of charging speed and safety. Through this collaboration, LG Chem aims to leverage Sinopec’s expertise in raw materials and processes, as well as its resource accessibility, to strengthen its position in the global battery materials market.

China is expected to account for more than 90% of global production by 2030, making it a key production hub. Through this partnership, LG Chem and Sinopec plan to diversify their business models, targeting the global energy storage system (ESS) and mass-market electric vehicle sectors with a focus on China. They also intend to expand their collaboration into eco-friendly energy and high-value-added materials in the future.

Shin Hakcheol, Vice Chairman of LG Chem, stated, “Through our collaboration with Sinopec, we will develop next-generation battery materials in a timely manner and continuously strengthen our business portfolio in line with our future strategies.”

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