[Aju News DB]
South Korean lithium-ion battery cathode manufacturer ECOPRO and Chinese recycling company GEM signed a joint investment agreement Wednesday to build a factory for lithium-ion battery related products in the southeastern port city of Pohang.
The project was sponsored by the city government in Pohang about 270 kilometers (about 167.7 miles) southeast of Seoul. ECOPRO and GEM will spend 150 billion won (133.8 million US dollars) together on establishing a lithium-ion cathode and precursor factory in an industrial complex in Pohang by 2017.
ECOPRO has the second largest market share in the world's lithium-ion cathode industry. GEM specializes in city-mining and recycling.
Cathode plays a vital role in charging and discharging of a battery. Lithium-ion batteries are used in many devices like smartphones and electric vehicles that require repetitive charging and discharging. Global demand for lithium-ion batteries has been rising fast.
Aju News Park Sae-jin = swatchsjp@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
