SEOUL -- EcoPro BM, a leading producer of core materials for secondary batteries in South Korea, secured a four-year deal worth 2.74 trillion won ($2.08 billion) to supply key materials for electric vehicle batteries to be produced by SK Innovation by the end of 2023.
EcoPro BM said in a regulatory filing on Monday that it would provide "high-nickel NCM" cathode materials to SK Innovation's electric vehicle batteries at home and abroad. NCM refers to nickel, cobalt and manganese.
EcoPro BM plans to build a cathode plant with an annual production capacity of 26,000 tons for SK Innovation (SKI), which has stepped up efforts to expand the production of batteries for electric vehicles through facilities in China, Hungary and the United States. SKI's U.S. plant will be built in Commerce in Jackson County, Georgia.
German auto giant Volkswagen has selected SKI as the fourth strategic supplier of battery cells to cover its demand in North America. SKI was selected to provide batteries for the first batch of Hyundai Motor's all-electric crossover utility vehicles installed with dedicated platforms that can run up to 500 kilometers (310 miles) on a single charge.
(This is the corrected version of a story published on February 3)
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