LG Chem to provide cathode materials to Japan's PPES
Hyung-kyu Kim
Sep 23, 2024 (Gmt+09:00)
South Korea's LG Chem Ltd. said on Sunday it will begin supplying cathode materials to Prime Planet Energy & Solutions (PPES), a battery joint venture between Toyota Motor and Panasonic Holdings, starting in 2026.
PPES supplies batteries to global electric vehicle manufacturers, including Toyota.
LG Chem did not disclose the scale of the supply, citing a request from the customer.
By expanding its client base beyond LG Energy Solution Ltd., LG Chem aims to diversify its revenue sources.
The company seeks to increase the proportion of sales from global companies, excluding LG Energy Solution, to 40%.
In October last year, LG Chem signed a contract to supply cathode materials worth 2.86 trillion won ($2.14 billion) to Toyota's North American corporation until 2030.
The products LG Chem will supply are estimated to be high-nickel cathode materials, similar to those provided to Toyota's North American corporation.