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The automotive power battery cathode material project has brought important opportunities for LG Chemistry to consolidate its leading position in the world and Huayou Cobalt Industry to participate in international competition, enter high-end links and enhance its strength. It has created good conditions for building high-tech zones into the most important production base of automotive power batteries in China.
On May 8, Korea LG Chemistry and Zhejiang Huayou Cobalt Company signed a cooperation agreement with Wuxi High-tech Zone, and the automotive power battery cathode material project was officially launched. Li Xiaomin, Standing Committee of the Provincial Party Committee and Secretary of the Municipal Party Committee, met with Park Zhensu, Vice President of LG Group and CEO of LG Chemical Company, and attended the signing ceremony. Wang Jinjian, deputy mayor and Secretary of the Party committee of the hi tech Development Zone, took part in related activities.
Li Xiaomin congratulated the signing of the project and summed up the significance of the cooperation in three sentences. One is "highly consistent". At present, Wuxi is speeding up the construction of a modern industrial development system with emerging industries as the guide, advanced manufacturing as the main body and modern service industries as the support. The new energy automobile industry is a strategic emerging industry with a focus on development. The project is highly in line with the development strategy of Wuxi's industry. The two is "strong combination". Among the three parties involved in this cooperation, LG Chemistry is one of the four major core companies of LG, which has seized the world's "commanding heights" of new energy automotive power batteries; Zhejiang Huayou Cobalt Industry is the largest raw material cobalt production enterprise in the world, with strong competitiveness and influence in the manufacture of new energy materials for lithium and electricity, and the deep processing of New Cobalt materials. High-tech zones are the industrial, technological and open highlands of Wuxi, which have formed unique advantages in the field of automotive power batteries. The three is "win-win cooperation". The project has brought important opportunities for LG Chemistry to consolidate its leading position in the world and Huayou Cobalt Industry to participate in international competition, enter high-end links and enhance its strength and scale. It has created good conditions for building the high-tech zone into the most important production base of automotive power batteries in China.
Li Xiaomin said that Wuxi has maintained close cooperation with South Korea for many years. This LG Group has its first major industrial project in Wuxi, which is a milestone in the strategic cooperation between Wuxi and LG Group. It also means that all the top five Korean enterprise groups have settled in Wuxi High-tech Zone and contributed to the success of Wuxi High-tech Zone. It is the most influential "Korean capital plate" in East China. Wuxi will fully support the project construction, provide all-round high-quality services for the project construction, and promote the early start, early completion, early production and early effectiveness of the project. We hope that on the basis of good cooperation between the two sides, we will further deepen cooperation in other fields and create a model of win-win cooperation.
Pu Zhenzhu thanked the Wuxi municipal Party committee and the municipal government for their concern and support for the project. He said that in the past few years, LG Chemistry has taken the new energy as the driving force for the future growth of enterprises, continuously focusing on increasing investment in the battery industry, and has always maintained a leading position in the industry. The project of creating cathode materials in tin will create good conditions for LG chemistry to realize chain development from raw material cobalt - ternary precursor - cathode material - automobile power battery. We will adhere to customer demand-oriented, through cutting-edge specific technology, to provide high value-added products for global power battery factories, and help Wuxi build the core city of the automotive battery and material industry chain.
LG Chemistry is one of the four main companies of LG Group. It maintains the highest leading position in the fields of new energy automotive power battery, Display polarizer, energy storage battery, ABS resin, OLED material and so on. Cathode material is the most important raw material in automotive power battery. The LG Chemistry and Zhejiang Huayou Cobalt Co. Ltd. set up a joint venture company to construct a positive material project for automotive power batteries in Wuxi High-tech Zone. The total investment of the project is US$1 billion, with a planned capacity of 100,000 tons and an annual output value of 20 billion yuan. The project is scheduled to start construction in September, and will be completed and put into production in September next year. It will be officially put into production in May 2020.
Source: Wuxi daily