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plans ","lges-doubles-down-on-lfp-but-nickel-based-chemistries-central-to-long-term-plans","article/lges-doubles-down-on-lfp-but-nickel-based-chemistries-central-to-long-term-plans",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":667,"featured":51,"reporter":668,"_editable":672,"component":673,"seo_title":543,"categories":674,"visibility":695,"author_company":49,"featured_image":696,"seo_description":667,"author_full_name":49,"author_job_title":49,"formattedDate":702,"formattedArticleDate":703},"4099e644-81ac-40b2-9056-e50867f8d82c","2024-03-08 00:00",[550],{"slug":551,"name":552},"lges","LGES",[554],{"slug":555,"name":556,"content":557},"matthew-bird","Matthew Bird",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Senior Editor - Supply Chains & Data Visualisation",{"filename":560},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":564,"content":565},"doc",[566,573,578,583,588,603,616,629,636,649,654],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570],{"text":571,"type":572},"South Korean battery producer LG Energy Solution (LGES) has firmed up its commitment to lithium iron phosphate (LFP) cell production with the signing a long-term supply agreement with Chinese cathode maker Changzhou Liyuan. ","text",{"type":567,"attrs":574,"content":575},{"textAlign":49},[576],{"text":577,"type":572},"The cathode manufacturer will supply LGES with 160,000 tonnes of LFP products between 2024 and 2028. The deal is indicative of wider trends in the market where interest in LFP continues to grow. ",{"type":567,"attrs":579,"content":580},{"textAlign":49},[581],{"text":582,"type":572},"“Historically, South Korean cathode and cell manufacturers have focused on nickel chemistries, but with announcements like this from LGES we are increasingly seeing these players diversifying into LFP too,” said Matt Stock, product director for new technology at Benchmark.",{"type":567,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":572},"“There is strong demand for LFP, but the majority of the supply capacity is from China, with little capacity elsewhere,” added Stock.",{"type":567,"attrs":589,"content":590},{"textAlign":49},[591,593,601],{"text":592,"type":572},"In 2023, China was responsible for 99% of global LFP output, according to ",{"text":594,"type":572,"marks":595},"Benchmark’s Cathode Forecast",[596],{"type":597,"attrs":598},"link",{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/forecasts/cathode/reports/","url",{"text":602,"type":572},". By 2030, based on current developments, China’s market share is set to be 90% with South Korea set to be the second largest LFP cathode-producing country but with just 3% of global output. ",{"type":567,"attrs":604,"content":605},{"textAlign":49},[606,608,614],{"text":607,"type":572},"Demand is rising for LFP cathodes due to their lower cost, improved safety profile, and superior lifecycle. Cost is an especially pertinent issue as ",{"text":609,"type":572,"marks":610},"demand growth for EVs has slowed",[611],{"type":597,"attrs":612},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/ev-sales-growth-has-slowed-but-has-not-been-derailed",{"text":615,"type":572}," and Western car manufacturers compete with cheaper Chinese models. ",{"type":567,"attrs":617,"content":618},{"textAlign":49},[619,621,627],{"text":620,"type":572},"LFP cells currently make up 49% of global cell chemistry capacity, whilst nickel cobalt manganese (NCM) chemistries make up 42%, according to ",{"text":622,"type":572,"marks":623},"Benchmark’s Lithium ion Battery Database",[624],{"type":597,"attrs":625},{"href":626,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports/",{"text":628,"type":572},". By 2030, NCM chemistries will make up 51% of global capacity, with LFP falling to 44%. Though the market balance is set to shift, capacity for both chemistries will grow significantly: more than quadrupling in size in the case of NCM chemistries and more than doubling for LFP.",{"type":630,"attrs":631,"content":633},"heading",{"level":632,"textAlign":49},4,[634],{"text":635,"type":572},"Nickel-based cells still key to LGES strategy",{"type":567,"attrs":637,"content":638},{"textAlign":49},[639,641,647],{"text":640,"type":572},"LGES is currently predominantly focused on nickel based cathode chemistries. Prior to its agreement with Changzhou Liyuan, LGES had 670 GWh of cell production capacity for 2030, over 90% of which will be dedicated to nickel-based cells, according to ",{"text":642,"type":572,"marks":643},"Benchmark’s Gigafactory Assessment",[644],{"type":597,"attrs":645},{"href":646,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/capacities/",{"text":648,"type":572},". ",{"type":567,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":572},"LGES currently produces LFP cells at its Michigan, US, plant and plans to produce LFP cells at its Arizona, US, site which is forecast to begin production in 2025.",{"type":567,"attrs":655,"content":656},{"textAlign":49},[657,659,665],{"text":658,"type":572},"LG Chem, the parent company of LGES, has agreed a ",{"text":660,"type":572,"marks":661},"partnership with Huayou Group",[662],{"type":597,"attrs":663},{"href":664,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/chinas-huayou-and-cngr-hope-to-supply-europe-and-us-from-morocco-plants",{"text":666,"type":572}," to build an LFP cathode material plant with 50,000 tonnes per year nameplate capacity in Morocco, with production expected to begin in 2026.","South Korean battery producer LG Energy Solution (LGES) has firmed up its commitment to lithium iron phosphate (LFP) cell production with the signing a long-term supply agreement with Chinese cathode maker Changzhou Liyuan. The cathode manufacturer will supply LGES with 160,000 tonnes of LFP products between 2024 and 2028. 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