Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Britishvolt signs deal with Posco Chemical for battery materials

Stock Markets Jun 29, 2022 07:11PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Peter Rolton, executive chairman of electric vehicle battery startup Britishvolt, shows a billboard at the site of the company's large planned battery plant, in the former industrial town of Blyth, Britain January 27, 2022. REUTERS/Nick Carey/

By Nick Carey

LONDON (Reuters) - Electric vehicle (EV) battery startup Britishvolt has signed a deal with South Korean battery materials firm Posco Chemical designed to secure the supply of cathode and anode materials, the two companies said on Thursday.

The two companies have signed a memorandum of understanding and are working on a longer-term agreement, which "paves the way to providing Britishvolt with a secure supply of active battery materials as we start to ramp up pilot production", Britishvolt chief executive Orral Nadjari said in a statement.

Britishvolt said Posco's ownership of mines and processing facilities across the battery sector would ensure "end-to-end, stable, supply chain supply".

Earlier this year, Posco and U.S. carmaker General Motors (NYSE:GM) announced they would jointly build a $400 million plant to produce cathode materials that will be able to supply 1 million EVs in North America by 2025.

Major carmakers have been racing to secure battery cell supplies, but finding enough battery raw materials may be a bigger problem.

Failure to obtain adequate supplies of lithium, nickel, manganese or cobalt could slow the shift to EVs, make those vehicles more expensive and threaten carmakers' profit margins.

Stellantis CEO Carlos Tavares said last month he expected a shortage of EV batteries would hit the auto industry in 2024-2025 as manufacturers try to ramp up EV sales while still building new battery factories.

Britishvolt is working with British sports carmakers Aston Martin and Lotus to develop high-performance EV batteries.

The startup has secured UK government backing for a battery plant project in northern England, unlocking 1.7 billion pounds ($2.1 billion) in private funding.

($1 = 0.8224 pounds)

Britishvolt signs deal with Posco Chemical for battery materials
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email