L&F Plus Receives 220 Billion Won for LFP Cathode Manufacturing Facility
L&F Plus has secured 220 billion won in funding to establish South Korea's first large-scale LFP cathode factory, addressing increasing market demand. This initiative supports the growing energy storage and EV sectors by enhancing local production capabilities.
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L&F Plus has obtained 220 billion won from the National Growth Fund for a dedicated lithium iron phosphate (LFP) cathode material factory, marking a significant investment in South Korea's battery manufacturing sector. The funding, which includes 170 billion won from the Advanced Strategic Industry Fund, will be provided as a long-term, low-interest loan with a 12-year maturity, aimed at facility investments.
The factory, located within the Daegu Dalseong-gun National Industrial Complex, is set to produce 30,000 tons of LFP materials annually by Q3 2026, with plans to increase capacity to 60,000 tons by mid-2027. The establishment of this facility is critical for localizing LFP production and enhancing supply chains in the battery industry, particularly for electric vehicles.
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