L&F said on the 18th that it has completed construction of the L&F Plus plant, a dedicated subsidiary for lithium iron phosphate (LFP) cathode materials, and will begin mass production by the end of the third quarter this year.
With this, the company plans to kick off building a domestic supply chain based on high-density third-generation (PD 2.50g/cc or higher) LFP technology. L&F Plus is a wholly owned subsidiary dedicated to producing and selling L&F's LFP cathode materials.
The newly completed plant was built on a site of about 100,000 square meters (30,000 pyeong) within phase two of the national industrial complex in Guji-myeon, Dalseong County, Daegu. Construction began in Aug. last year and was completed this month, and 338.2 billion won is slated to be invested based on a total capacity of 60,000 tons (t).
L&F will start mass-producing 30,000 t per year of LFP cathode materials by the end of the third quarter this year and, in line with securing mid- to long-term volumes for North American energy storage systems (ESS), will gradually establish a production system totaling 60,000 t per year by the first half of next year.
Chief Executive Heo Je-hong of L&F said, "The completion of the L&F Plus plant marks the start of a two-track cathode strategy in which the existing high-nickel-focused business and the new LFP business grow together," adding, "Building on the solid recovery in our core sales, we will add a new growth axis with LFP and emerge as a key partner in the global battery materials market spanning electric vehicles (EV) and ESS."