Britishvolt and Posco Chemical have agreed to jointly develop and supply anode and cathode materials for electric vehicle batteries. In this way, Britishvolt ensures a stable supply of raw materials before the commercial production of its battery cells.
According to the new announcement, the Britishvolt plant in the north of England will have an annual capacity of around 38 GWh instead of 30 GWh. It is also planned to build a second plant in Canada with a capacity of more than 45 GWh.
Britishvolt said that Posco's ownership of mines and processing plants in the battery sector will provide a "end-to-end, stable supply chain".
As part of this collaboration, the two companies agreed to work together to develop battery materials to be used in the Britishvolt chemical storage facility, as well as to advance future supply deals. In addition to producing battery materials locally in Europe, the two companies also want to establish a sustainable global supply chain to provide raw materials. Through this agreement, Posco Chemical will be able to accelerate its expansion into the European market.
Britishvolt has signed agreements with British car manufacturers Aston Martin and Lotus.