South Korean battery materials producer L&F Company Ltd plans to begin production of nickel-cobalt-manganese (NCM) cathodes for battery electric vehicles (BEVs) lithium-ion batteries using 95% nickel content by the end of 2024.
The company made the announcement during its third-quarter earnings presentation, in which it revealed a 37% drop in revenues to KRW352bn (US$270m) and an operating loss of KRW72bn (US$52m) due to weak selling prices, falling EV sales in Europe and weak demand from the energy storage systems (ESS) sector.
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This will be the highest nickel content used so far in BEV battery cathodes, with shipments to South Korean and US-based manufacturers of 46-type cylindrical battery cell manufacturers scheduled to begin in December. The company supplies cathode materials to US BEV maker Tesla, as well as battery manufacturers LG Energy Solution, SK On Company and Samsung SDI Company.
High nickel content helps to increase energy density of lithium-ion batteries, helping increase the driving range of BEVs. The company said it had overcome some key technological hurdles allowing it to make the transition from “N90” to “N95”.
L&F said in a statement: “With the growing trend of global automotive and battery companies adopting ‘46’ products, L&F anticipates securing new customers and increasing volume in the future”.
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By GlobalData
