South Korean battery maker LG Energy Solutions (LGES) said on Friday it had signed a 35 billion won ($30 million) deal to buy a stake in Shanghai Gep Nickel and Cobalt Materials Co LTD to ensure a stable supply of battery materials.
LGES signed a six-year contract to supply about 20,000 tonnes of nickel, enough to supply about 370,000 electric vehicles. LGES said the latest deal was part of a drive to secure production of key battery materials, with plans to increase production of high-nickel batteries with longer range and higher energy density.
Last month, the company signed a six-year deal with Australian Minerals LTD to procure 71,000 tonnes of nickel and 7,000 tonnes of cobalt from the end of 2024.
