Korean battery makers seeking diversification of material supply

Createdd 2022-10-24 Hit 40


As the new US Inflation Reduction Act comes into effect, South Korean battery producers are striving to find other sources for material supply to reduce their dependency on China. LG Energy Solution signed deals with a Canadian cobalt supplier and an Australian graphite supplier. SK On acquired 10% share of an Australian lithium supplier. Under the IRA Act, at least 40% of battery ingredients must be produced and processed in the US or other countries that have an FTA signed with the US in order to be qualified for US-made electric car tax discount. Click the news below for more information: