LG Energy Solution Ltd. and SK On Co. will showcase their lithium iron phosphate (LFP) battery prototypes next week, as the two South Korean battery makers are preparing their foray into the low-priced battery market dominated by Chinese rivals.
Both companies said on Thursday they would display the prototypes at InterBattery 2023, South Korea’s largest battery show, to be held March 15-17.
LFP cells are embedded in low-priced, small electric vehicles, as well as in energy storage systems (ESS).
LG has developed the LFP cell for use in ESS, while that of SK will be installed in EVs.
LFP batteries have been mainly produced by Chinese companies such as Contemporary Amperex Technology Co. (CATL) and BYD.
They are 20-30% cheaper than NCM batteries composed of lithium, nickel, cobalt and manganese because of lower energy density, or shorter battery run time.
After the US' Inflation Reduction Act (IRA) was signed into law in August 2022, EV makers are switching toward Korean suppliers.
Under the act, only EVs with a high proportion of components sourced from North America or its trading partners will be eligible for tax credits in the US.
LG is in the final stages of mass producing LFP batteries both in Nanjing, China and in Ochang, South Korea. Industry watchers said they would likely be commercialized by 2025.
The LG Group arm is also considering producing LFP cells in the US.
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