POSCO Holdings, in line with its plan to transform itself into an eco-friendly future materials company, has announced it has agreed with ProLogium, next-generation solid-state battery manufacturer, to support ProLogium for the development and supply of cathode, anode, and solid electrolyte materials needed for the production of ProLogium's next-generation solid-state batteries.
Under the arrangement, POSCO Holdings will invest in ProLogium and become a long-term strategic partner of the Company. The two parties will work together to develop and manufacture anode, cathode, and solid electrolyte materials that meet ProLogium's specifications for its proprietary solid-state battery technology. ProLogium and POSCO Holdings aim at entering a preferred supply arrangement upon the successful development of the materials. Such arrangement will provide POSCO Holdings with direct access to the highly attractive solid-state battery market and will in turn enhance supply security for ProLogium and its customers.
"POSCO Holdings will continue to expand its secondary battery portfolio and strengthen its competitiveness in next-generation materials through cooperation with innovative companies such as ProLogium," Mr. Kyungsub Lee, the Chief of LiB Materials Business of POSCO Holdings said.
POSCO Holdings Inc., and JK, a Korean solid electrolyte material manufacturer, established a joint venture called POSCO JK Solid Solution (the "JV") in February this year and have prepared for construction since then. The JV plans to begin production of solid electrolytes in the second half of this year. Also, POSCO Chemical, a subsidiary of the POSCO Holdings responsible for battery materials manufacturing, announced plans to form a joint venture in North America with a global automaker to establish a supply chain for key battery materials in North America.
"The collaboration we are announcing today will enhance both firms' leading position in the global battery value chain," Mr. Vincent Yang, Chief Executive Officer and Chairman of ProLogium Technology said.
"With the rising demand for batteries for electric vehicles around the world, secured supply of high-performance cathode and anode materials has become critical for battery companies. POSCO Holdings is an ideal partner for a battery manufacturer like ourselves, as POSCO Holdings possesses leading relevant raw material sourcing capabilities, as well as cathode and anode manufacturing capabilities. We believe that our collaboration with POSCO Holdings will contribute to a successful start of our mass production plant by the end of 2022, and will provide us with reliable access to battery materials, including upstream raw materials, and ensure supply security for our products in the future."