Easpring Material cooperates with Korean battery company EV SK in lithium ferrous phosphate business

Beijing Easpring Material Technology Co., Ltd., a cathode materials company for lithium-ion batteries, on Monday announced that it has signed a strategic cooperation agreement with South Korean lithium battery giant SK, agreeing that SK will invest in the new ones. European industrial materials from Eastern Material. base with a capital ratio not exceeding 30% to cooperate in the cathode materials sector.

The Easpring material originated from a research group of the technology group BGRIMM and was registered with GEM in 2010. At present, it has developed into a company integrating independent innovation, transformation of achievements and industrial operations in the field of lithium-ion battery cathode material and intelligent equipment.

SK is one of South Korea’s top three companies, supplying battery power systems to many new energy vehicle manufacturers around the world. Its subsidiary “SK on” supplies batteries for many famous electric vehicle brands, including Volkswagen, Ford, Daimler, Hyundai and Kia.

The two parties have agreed to establish a joint venture (JV) in South Korea and a wholly-owned subsidiary in the United States to jointly develop their activities in the United States market. At the same time, the two sides agreed to cooperate in the field of lithium ferrous phosphate.

The two sides agreed to establish another joint company in China if necessary, and promised to prioritize the supply of products to the South Korean JV. The South Korean JV also pledged to prioritize purchasing products from Eastern Material and other Chinese companies.

Easpring Material announced that this cooperation will help the company to further integrate into the global high-quality electric vehicle industry and increase its market share in Asia, Europe and the United States.

SEE ALSO: SK Innovation invests $ 2.5 billion in construction of battery factory for electric vehicles in China

In addition, Easpring Material announced on November 8 that it intends to set up another joint venture with Finnish Minerals Group and its subsidiary Finnish Battery Chemicals Oy, with Easpring Material holding 70% of the shares, mainly responsible for the construction and operation of European projects. of the joint venture. .

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