Overview

• Posco Future M, CNGR and FINO signed an MOU in Seoul on Friday to collaborate on lithium iron phosphate cathode materials for global energy storage systems.
• CNP New Material Technology, with ownership shares split 51% CNGR, 29% FINO and 20% Posco Future M, will lead the project’s governance and operations.
• The partners are building a precursor plant in Pohang with a goal of reaching mass output by 2026.
• The venture plans marketing campaigns alongside plant construction to target European energy storage customers in the face of US, Chinese regulatory constraints.
• China and North America accounted for 45% and 30% of global ESS demand in 2023, leaving Europe at 12% and highlighting the JV’s regional focus.