POSCO Chemical Co., an affiliate of South Korea's steel giant POSCO Group, said Tuesday it will invest 275.8 billion won (US$248 million) to expand its production capacity of cathodes, a key component for electric vehicle (EV) batteries.
POSCO Chemical said the plant in the southern city of Gwangyang will boost its annual production capacity of cathodes to 100,000 tons by 2023, which is enough to manufacture about 1.1 million electric vehicles equipped with 60 kWh battery packs.
Currently, POSCO Chemical has an annual cathode production capacity of 30,000 tons and 10,000 tons at its plants in Gwangyang and the southeastern industrial city of Gumi, respectively.
