LG CHEM said on the 4th that it signed a joint development agreement with Sinopec, China's largest integrated energy and chemical corporations, to develop core materials for sodium-ion batteries (SIB).

The two companies plan to jointly develop cathode and anode materials, which are core materials of sodium-ion batteries, and to build a stable supply chain and secure cost competitiveness.

Shin Hak-Cheol, LG CHEM vice chairman (third from left), and Hou Qijun (second from left), chairman of Sinopec, pose for a photo after signing an agreement to jointly develop sodium-ion battery materials./Courtesy of LG CHEM

Specifically, they will diversify the business model for sodium-ion batteries targeting the global energy storage system (ESS) and mass-market electric vehicle (EV) markets, including China, and plan to expand the scope of cooperation into eco-friendly energy and high value-added materials.

Sodium-ion batteries have better resource accessibility and superior price competitiveness than lithium-ion batteries, and they are drawing attention as next-generation battery technology thanks to higher safety and faster charging speeds. China is a key production base that is expected to account for more than 90% of global sodium-ion battery manufacturing volume by 2030.

Shin Hak-Cheol, vice chairman of LG CHEM, said, "We will work with Sinopec to develop next-generation battery materials in a timely manner and will continue to strengthen our business portfolio in line with customers' future strategies."

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