POSCO CNGR Nickel Solution and C&P New Material Technology broke ground for their plants at an industrial complex in the southeastern city of Pohang.
POSCO CNGR Nickel Solution, a nickel refining firm, is a 6:4 joint venture between POSCO Holdings and CNGR. C&P New Material Technology was formed by POSCO Future M, a carbon-based material manufacturer, and CNGR, with a 2:8 ownership ratio.
About 1.5 trillion won ($1.08 billion) will be invested in the two factories, set to commence mass production in 2026, POSCO said.
The nickel refining plant is expected to generate 50,000 tons of nickel annually, with a purity of 99.9 percent, sufficient to produce approximately 1.2 million EVs.
C&P New Material Technology will produce precursor materials using the high-purity nickel from the company, with an annual production capacity of 110,000 tons.
Precursors and nickel are raw materials used in the production of cathodes, which play a crucial role in determining the capacity and voltage of batteries.
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