Samsung SDI will acquire equity in Fino, which is listed on KOSDAQ as a Chinese secondary-battery materials company. Fino is the Korea subsidiary of CNGR, China's largest precursor specialist, and is focused on the lithium iron phosphate (LFP) field.
On the 26th, industry sources said Samsung SDI will acquire about 7% equity in Fino. However, Samsung SDI did not disclose the specific acquisition amount or timing.
Samsung SDI's acquisition of Fino equity is seen as a strategy to secure LFP cathode materials stably ahead of the start of LFP battery production for energy storage systems (ESS) at its joint venture with Stellantis in Indiana in the fourth quarter of this year.
On the 24th, Samsung SDI moved quickly to prepare for LFP battery production by signing a contract with L&F to supply LFP battery cathode materials worth 1.6 trillion won.
Fino is working to build an LFP supply chain in Korea. In Aug. last year, Fino signed a memorandum of understanding (MOU) with POSCO FUTURE M and CNGR to promote an LFP cathode business and agreed to build an LFP cathode plant in Pohang. The entity responsible for constructing the plant is CNP New Materials Technology, which POSCO FUTURE M established as a joint venture with CNGR.
A battery industry official said, "Samsung SDI's push to acquire Fino equity appears to be a strategy to establish an LFP battery production system."