South Korean and Chinese companies will jointly build a battery plant in Morocco to supply the North American market.
According to the Yonhap News Agency, the largest chemical enterprise LG Chemical Sunday (September 24), the largest chemical enterprise in South Korea, announced that it will join hands with Zhejiang Huayou Cobalt to build a lithium iron phosphate (LFP) battery for electric vehicles in Morocco.factory.
According to reports, LG chemistry signed a comprehensive cooperation agreement with Huayou Cobalt Industry on Friday (22nd).According to the agreement, the two parties will jointly build a lithium iron phosphate battery production line in Morocco. The target annual output capacity is 50,000 tons and will be put into production in 2026.Lithium iron phosphate produced by the Moroccan factory will supply the North American market to meet the US inflation reduction bill (IRA) subsidy clauses.
LG Chemistry also announced that it has cooperated with Huayou Cobalt to invest in an additional investment project in Morocco's lithium conversion factory. It is planned to be put into operation from 2025 with an annual production capacity of 52,000 tons.The lithium produced will supply the lithium iron phosphate battery factory.
In addition, LG chemistry stated that the company will plan to set up an annual battery front -wheel drive factory with an annual output capacity of 50,000 tons in Indonesia, and discuss the construction of the nickel ore from nickel ore (MHP)The smelting plant.
