LG Chem Ltd., South Korea’s leading chemical company, announced that it has signed an agreement with China’s state-run oil and gas firm Sinopec Corp., the world’s biggest refiner by capacity, to jointly develop battery materials and explore new business opportunities. This collaboration marks Sinopec’s first push into new energy and higher-value petrochemicals.
As part of the agreement, the two companies will co-develop cathode and anode materials for sodium-ion batteries (SIBs), establish a steady supply chain, improve price competitiveness, and focus on energy storage systems and batteries for low-speed electric vehicles in China and globally. The partnership hopes to enhance commercialization by co–developing the critical materials. Sodium-ion batteries provide easier access to raw materials, improved price competitiveness, heightened safety and fast charging, and more performance at low temperatures over lithium iron phosphate (LFP) batteries.
“Through the collaboration with Sinopec, LG Chem will develop next-generation battery materials in a timely manner and continue to strengthen its battery portfolio to meet customers’ future strategies,” LG Chem Vice Chairman and CEO Shin Hak-cheol said.
The sodium-ion battery market is set to increase at an average of 45 percent per year, with the market reaching 292 gigawatt hours (GWh) in 2034 out of 10 GWh, which will be in 2025. China will continue to be the giant production hub, with over 90 percent of the world’s battery production of sodium-ion being in China by 2030.
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