April 29, 2024

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(L&F)

L&F, a South Korean cathode material company, said Monday it has signed a 13.19 trillion-won ($9.85 billion) deal to supply high-nickel cathodes to SK On, the battery unit of chip-to-construction conglomerate SK Group.

L&F will supply 300,000 tons of high-nickel cathode materials for SK On's car batteries by December 2030, the company said in a regulatory filing.

The 300,000 tons of cathode materials will be installed in 3 million electric vehicles, it said.

The two companies plan to jointly develop next-generation battery products and strengthen partnership in diversifying SK On's product portfolios.

SK On is one of the country's three major car battery makers, along with LG Energy Solution and Samsung SDI. (Yonhap)