- Britishvolt and Posco Chemical Co. Ltd. have signed a memorandum of understanding [MoU]; intended to help secure supply of cathode and anode active battery materials
- Materials testing and potential European Union localization are important considerations for signing the MoU
- Both parties working to execute a Joint Development Agreement to create a framework for longer term cooperation and opportunities
- Posco’s vertical integration strategy, with ownership of mines and processing facilities across the battery sector, ensures end-to-end, stable, supply chain supply – perfectly aligned with Britishvolt’s strategy
- Security of supply is a key pillar in the Britishvolt business model to ensure consistent production of low carbon, domestically produced, sustainable battery cells
- The MoU is one of a number recently signed by Britishvolt to support its requirements for high volume material supply for pilot and volume production of battery cells – with more announcements to follow
Northumberland, UK, 30/06/2022: Battery cell technology pioneer Britishvolt has today signed a Memorandum of Understanding [MoU] with Posco Chemical Co. Ltd., a global leader in the provision of first class energy/battery materials, to secure a stable supply of anode and cathode active materials.
The MoU, that is targeting a JDA, is intended to help provide Britishvolt with a supply of cathode and anode active materials to support its requirements for pilot and volume production of advanced technology battery cells.
“We’re delighted to be partnering with Posco Chemical, a world leader in its field.
Our MoU with Posco paves the way to providing Britishvolt with a secure supply of active battery materials as we start to ramp up pilot production prior to switching to volume manufacture of battery cells at our Gigaplant facility in Northumberland, United Kingdom, in the coming years.
This is perfectly aligned with our own strict ESG Principles & Commitments and underscores our business model of partnering early with the supply chain to ensure we can manufacture cells for customer requirements.”
The MoU also includes the provision for joint materials testing and European Union localization, where practical.
Orral Nadjari, Britishvolt Founder/CEO
“The cooperation between Britishvolt, a pioneering battery cell developer and producer committed to creating environmentally friendly, low carbon, sustainable, lithium-ion batteries, and POSCO Chemical, which has a stable supply chain, will further enhance the competitiveness of both companies.”
Posco’s vertical integration strategy, with ownership of mines and processing facilities across the battery sector, ensures end-to-end, stable, supply chain supply – perfectly aligned with Britishvolt’s strategy.
The Britishvolt-Posco Chemical MoU is the latest in a sequence recently signed by Britishvolt to support its requirements for high volume material supply for pilot and volume production of battery cells. More strategic partnerships are expected to be announced in coming weeks, all in-line with Britishvolt’s strict ESG Principles & Commitments.
POSCO Chemical President Min Kyung-zoon
Battery pioneer and technology innovator, Britishvolt, is focused on development of next-generation battery cell technologies and associated research and development. It is dedicated to developing the future of electrified transportation and sustainable energy storage, producing best-in-class, low-carbon, sustainable, responsibly manufactured lithium-ion battery solutions. Not all batteries are created equal.
Her Majesty’s UK Government announced on January 21, 2022, its support for Britishvolt from its Automotive Transformation Fund delivered by the Advanced Propulsion Centre.
Britishvolt acquired battery cell developer and manufacturer, EAS, in May 2022, that will allow it to develop and scale up its larger 46xx high-performance cell formats and get them to customers quicker and more efficiently. The deal is subject to completion and any regulatory approvals.
Britishvolt believes that low carbon, sustainable, responsibly manufactured battery cells can help positively change the planet. The time has come to transition from fossil fuels to clean, renewable, low carbon electricity. The world deserves a clean air future for all.
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectation intended to qualify for the ‘safe harbor’ under the U.S. Private Securities Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, competition including those factors which may affect our cost advantage, equipment procurement, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time contracts or time and material construction contracts, customer concentration, restrictions on immigration, industry segment concentration, our ability to manage international operations, reduced demand, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages related to battery service agreements, the success of the companies in which Britishvolt has made strategic partnerships, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies and unauthorised use of our intellectual property and general economic conditions affecting our industry. In addition, please note any forward-looking statements contained herein are based on assumptions we believe to be reasonable as of the date of this press release.