Cosmo Advanced Materials is set to supply its high-nickel NCM (Nickel, Cobalt, Manganese) cathode materials with 83% nickel content to LG Energy Solution for the first time in the second half this year.
According to the industry on Tuesday, it is reported that the company is planning to supply its high-nickel cathode materials to LG Energy Solution which will then use the materials to make electric vehicle (EV) batteries.
What is special about the company’s cathode material is that the company has elevated the nickel content to 83% and lowered the cobalt content below 10%. Such material will help increase battery capacity through increased nickel content and strengthen price competitiveness through reduced cobalt content at the same time.
This will be the first time that Cosmo Advanced Materials supplies its high-nickel cathode materials to LG Energy Solution. It has been supplying cathode materials with 60% nickel content as such materials have a high rate of being used for EV batteries. However, it will supply cathode materials with 83% nickel content for the first time as LG Energy Solution begins to increase production of high-nickel batteries.
It will be interesting to see whether Cosmo Advanced Materials will establish itself as a major cathode material supplier by supplying high-nickel cathode materials to LG Energy Solution.
It is also reported that the company has also completed the development of a high-nickel NCMA (Nickel, Cobalt, Manganese, and Aluminum) cathode material with 93% nickel content.
LG Energy Solution is set to supply its high-nickel NCMA batteries to Tesla for its compact SUV called Model Y. The batteries use cathode materials with 90% nickel content developed by L&F for the first time in the world. Cosmo Advanced Materials along with L&F are expected to begin supplying NCMA cathode materials to major EV battery manufacturers. Cosmo Advanced Materials has been focusing on targeting the high-nickel cathode material market by making investments in cathode materials production facility and strengthening research and development.
A representative for Cosmo Advanced Materials said that the company will continue to make investments in the company’s battery materials business in order to expand cathode materials production facility and to secure production capacity of precursors that are a main ingredient of a cathode material.
Staff Reporter Kim, Jiwoong | jw0316@etnews.com