LNF announced on the 22nd that it signed a business agreement with a major domestic battery (cell) company for the supply of LFP. The company said, “Through this agreement with the cell company, we will supply batteries for global low- and mid-priced electric vehicles and ESS,” and “We will become the first company outside of China to mass-produce and supply LFP.”
This business agreement was made through cooperation between cell and material companies to respond to the demands of automobile manufacturers for low- to mid-priced products, diversification of suppliers, and departure from China amidst the recent unstable international situation due to tariffs and the US-China conflict.
Based on this agreement, LNF will officially enter the LFP business. Since the beginning of this year, the company has continuously mentioned entering the LFP market, a mid-to-low-priced line, in order to respond to the slowdown in demand for electric vehicles, and this agreement is the first result. The company’s LFP project manager said, “Although there are still many changes depending on cooperation with customers, LFP demand is currently increasing significantly and other customers are also expressing interest,” and “We plan to start the LFP business with a maximum of 50,000 tons and gradually increase according to demand.”
In particular, LNF's LFP products are products with significantly increased energy density, have energy density similar to that of ternary mid-nickel products, and are characterized by a much lower price. In addition, based on LNF's accumulated mass production capacity, they have secured high productivity and are price competitive, and are receiving love calls from various automakers and cell companies.
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