KRPosco Future M, a South Korean battery materials manufacturer, has secured its first major long-term order for lithium iron phosphate (LFP) cathode materials, agreeing to supply over 190,000 metric tons to a leading Korean battery maker through 2032. This follows the company's decision to shift part of its high-nickel cathode production line at its Pohang plant to LFP production. The customer has not been identified, but both parties expect to finalize the contract in Q3 after completing qualification tests on prototype materials. Commercial production is set to start by the end of 2024. Posco Future M is also negotiating with other major clients and planning to expand its LFP cathode capacity. The company aims to enhance cost competitiveness using its integrated supply chain, including iron oxide from steelmaking by-products and lithium sourced from the group's brine operations in Argentina. LFP batteries, while having lower energy density compared to higher-end alternatives, are gaining popularity due to their cost-effectiveness, safety, and longer lifespan, especially in energy storage systems (ESS) and entry-level electric vehicles. Posco Future M is also seeking additional an-
Bias read (Center): The article discusses a business development involving a private company securing a supply deal for battery materials. There is no mention of political figures, policies, or contentious issues. The focus is on technological advancement and market trends within the energy storage sector.
