On September 26, two "big guys" in the Korean automobile industry, Hyundai Motor and Kia, launched a joint project to develop direct material synthesis technology without using precursors in the production of LFP battery cathodes for electric vehicles. This project involves Hyundai Steel and Ecopro BM.
It is known that the project will be supported by the Korean Ministry of Trade, Industry and Energy and will last for 4 years. Previously, on September 25, representatives of the above companies held a meeting to discuss future cooperation.
Accordingly, Hyundai Steel will develop a technology to process high-purity fine iron powder using recycled steel, while Ecopro BM will use this technology to develop direct synthesis LFP cathode materials.
If this project is successful, LFP battery production could become more cost-competitive in the industry, as most cathode precursors are currently produced in several countries outside of Korea, leading to heavy dependence on imports.
A representative of Hyundai Motor also said that the project has the potential to help establish a stable domestic supply chain of raw materials for LFP batteries, reducing dependence on foreign imports and localizing necessary technologies. Thereby, enhancing the technological competitiveness of not only Hyundai and Kia Group but also of Korea.
