Posco Future M clinches $1.4 billion deal to provide material for EV batteries

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Posco Future M clinches $1.4 billion deal to provide material for EV batteries

Published: 11 Sep. 2024, 19:42

SARAH CHEA
[email protected]

Posco Future M's cathode production plant in Pohang, North Gyeongsang. [POSCO FUTURE M]

Posco Future M clinched a 1.85 trillion won ($1.4 billion) battery materials deal with an undisclosed EV battery maker, according to a regulatory filing on Wednesday.

The Korean company said it is supplying high-nickel cathodes for the battery firm, though specific details remain confidential until the deal is finalized.

Cathode materials are one of the four key ingredients in making EV batteries, the most expensive material that accounts for 40 percent of a battery's cost.

The deal is equivalent to 38.8 percent of Posco Future M's annual sales last year, which stood at 4.8 trillion won.

BY SARAH CHEA [[email protected]]