L&F Co., South Korea’s major cathode supplier announced Tuesday that it signed a memorandum of understanding (MOU) with Chinese precursor company CNGR Advanced Material Co. to respond to the US Inflation Reduction Act (IRA).
The two companies plan to collaborate on establishing a complete supply chain and production system for lithium iron phosphate (LFP).
In recent years, the two companies have discussed securing a large-scale supply chain in a Moroccan free trade zone to comply with the IRA. L&F described this MOU as part of a long-standing collaboration.
L&F has been proactive in addressing the LFP market, including signing an MOU with ONE, the first LFP battery specialist in the US, for LFP supply, in addition to supplying nickel, cobalt, and manganese (NCM) precursors for IRA compliance.