Easpring Material Cooperates with Korean EV Battery Firm SK in Ferrous Lithium Phosphate Business
Beijing Easpring Material Technology Co., Ltd., a lithium-ion battery cathode material enterprise, announced on Monday that it has signed a strategic cooperation agreement with South Korean lithium battery giant SK, agreeing that SK will invest in Easpring Material’s European new materials industrial base with no more than a 30% equity ratio to cooperate in the cathode material business.
Easpring Material originated from a research group of BGRIMM Technology Group, and was listed on the GEM in 2010. At present, it has developed into an enterprise integrating independent innovation, achievement transformation and industrial operations in the field of lithium-ion battery cathode material and intelligent equipment.
SK is one of the three major enterprises in South Korea, providing power battery systems for many new energy vehicle manufacturers around the world. Its subsidiary ‘SK on’ provides batteries for many famous EV brands, including Volkswagen, Ford, Daimler, Hyundai and Kia.
Both parties agreed to set up a joint venture (JV) in South Korea and a wholly-owned subsidiary in the United States to jointly expand their business in the U.S. market. At the same time, both parties agreed to cooperate within the field of ferrous lithium phosphate.
The two sides agreed to set up another joint venture company in China if necessary, and promised to give priority to supplying products to the South Korean JV. The South Korean JV also promised to give priority to purchasing products from Easpring Material and other Chinese companies.
Easpring Material announced that this cooperation will help the company further integrate into the global high-quality EV industry and expand its market share in Asia, Europe and the U.S.
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In addition, Easpring Material announced on November 8 that it plans to establish another JV with Finnish Minerals Group and its subsidiary Finnish Battery Chemicals Oy, with Easpring Material holding 70% of the shares, mainly responsible for the construction and operation of the JV’s European projects.