POSCO FutureM and CNGR Form Joint Venture for LFP Cathode Material Production in South Korea
POSCO FutureM has entered into a joint venture with CNGR and its subsidiary FINO to produce lithium iron phosphate (LFP) cathode materials in Pohang, South Korea. The new plant, set to begin construction in 2026 and reach an annual capacity of 50,000 tons by 2027, aims to meet the rising demand in the energy storage systems market. Additionally, POSCO FutureM plans to convert part of its existing high-nickel cathode production line to support LFP production starting in late 2026.
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POSCO FutureM has signed a joint venture agreement with CNGR and its subsidiary FINO to produce lithium iron phosphate (LFP) cathode materials. The joint venture plans to establish a plant in the Yeongil Bay 4 General Industrial Complex in Pohang, South Korea, with an annual production capacity of 50,000 tons.
Construction is expected to start in 2026, with mass production beginning in 2027. This partnership aims to enhance collaboration on production, technology, and marketing, following the establishment of CNP Advanced Materials Technology in 2024. POSCO FutureM is responding to the growing demand in the energy storage systems market and will also convert part of its high-nickel cathode production line at the Pohang plant to LFP production, targeting supply to the LFP market in the second half of 2026.
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