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Open a New Era of Cooperation and Create New Brilliance Together - Huayou Signs an Investment Memorandum of Understanding with POSCO FUTURE M

2023/05/26 15:40
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On May 3rd local time, Huayou signed a Memorandum of Understanding on Investment with South Korean battery material manufacturer POSCO FUTURE M, Gyeongsangbuk-Do and Pohang local government. The memorandum stipulates that Huayou and POSCO FUTURE M plan to invest in and establish a nickel sulfate refining and precursor production factory in the Pohang Blue Valley National Industrial Park in South Korea.

▲From left to right: Park Yong-sham, Vice President of Gyeongsangbuk-do Council, Lee Yeol-hee, Deputy Governor of Gyeongsangbuk-do for Economy, Kim Joon-hyoung, President of POSCO FUTURE M, Chen Xuehua, Chairman of Huayou Cobalt, Lee Kang-deok, Mayor of Pohang City, and Baek In-gwi, Speaker of Pohang City Council.

Pohang City Mayor Lee Kang-deok, City Council Speaker Baek In-gwi; Deputy Governor of Gyeongsangbuk-do for Economy Lee Yeol-hee, Vice President of Gyeongsangbuk-do Council Park Yong-sham; POSCO FUTURE M President Kim Joon-hyoung, Huayou Group Chairman Chen Xuehua, and leaders of relevant departments attended the signing ceremony.

Mayor Lee Kang-deok said in his speech that this joint investment between POSCO FUTURE M and Huayou Cobalt will become the cornerstone of economic innovation in Pohang City. From raw materials to battery materials, and then to recycling and reuse, this does not only mark the completion of the battery material value chain but also proves once again that Pohang City is the center city of global secondary battery materials and the best choice for the secondary battery industrial park by attracting 5 trillion KRW in investment in the secondary battery industry this year.


Chairman Chen Xuehua said in his speech, "This trip to Pohang City is not only a visit and networking journey for me personally and the Huayou team but also a trip of open cooperation". In recent years, Huayou and POSCO have achieved fruitful results and significant benefits through their complementary and close cooperation in the field of new energy lithium battery materials. With the strong support of Gyeongsangbuk-do and Pohang City, Huayou and POSCO jointly invested in a non-ferrous refining and precursor projects in Pohang City, creating a world-leading lithium battery material manufacturing base, which not only conforms to the changing trends of global market industry policies but also meets the market demand for the rapid development of the global new energy vehicle industry. It is of great and far-reaching significance to continuously enhance the global market influence of Huayou and POSCO and jointly create an industry chain for new energy lithium battery materials with international competitiveness.


Currently, in the context of the deep adjustment of global energy structure toward green and low-carbon transition and the rapid development of the new energy vehicle industry, Huayou is willing to take this cooperation as an opportunity to join hands and set out again, opening a new era of win-win cooperation, and creating new glories that belong to the global new energy lithium battery industry, Gyeongsangbuk-do and Pohang City, as well as Huayou and POSCO.


POSCO FUTURE M is a leading secondary battery material company in South Korea, being the only one involved in both cathode and anode materials. It plans to have an annual production capacity of 610,000 tons for cathode materials and 320,000 tons for anode materials by 2030.

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