POSCO Chemical has announced that both companies had signed on Memorandum of Understanding(MoU) to develop and supply battery materials. POSCO Chemical CEO Min and Britishvolt CEO Nadjari attended the signing ceremony.

Through this agreement, the two companies agreed to cooperate for the joint development of battery materials for electric vehicles to be used in Britishvolt's batteries, and to promote supply contracts in the future. In addition to local production of battery materials in Europe, both companies will work together to set up a sustainable global supply chain to secure raw materials. With this agreement, POSCO Chemical will be able to accelerate the expansion of its activities in the European market and diversify its customer base.

Britishvolt’s UK Gigaplant will have full capacity of around 38GWh while its second planned plant in Canada will have upwards of 45GWh, equating to almost 100GWh/year output at full capacity of both operations. Ahead of the establishment of the mass production system, the partnership with POSCO Chemical, which has secured excellent battery material technology and a stable raw material supply chain, will further enhance its business competitiveness. Britishvolt has signed MoU’s with British automakers Aston Martin, Lotus, and others as key customers, and is known as an eco-friendly company that promotes the use of renewable energy.

Europe is one of the three major electric vehicle markets along with the United States and China, and the European Parliament recently decided to end sales of internal combustion engine vehicles from 2035 to overcome the climate crisis, actively supporting the development of the electric vehicle industry.

POSCO Chemical President Min Kyung-zoon said, “The cooperation between Britishvolt, a pioneering battery cell developer and producer committed to creating environmentally friendly, low carbon, sustainable, lithium-ion batteries, and POSCO Chemical, which has a stable supply chain, will further enhance the competitiveness of both companies.

Britishvolt CEO Orral Nadjari said, “We’re delighted to be partnering with Posco Chemical, a world leader in its field. Our MoU with Posco paves the way to providing Britishvolt with a secure supply of active battery materials as we start to ramp up pilot production prior to switching to volume manufacture of battery cells at our Gigaplant facility in Northumberland, United Kingdom, in the coming years. This is perfectly aligned with our own strict ESG Principles & Commitments and underscores our business model of partnering early with the supply chain to ensure we can manufacture cells for customer requirements.”