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Huayou Cobalt and Posco in Li-ion battery materials jvs

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Huayou Cobalt and Posco will invest in two joint ventures in China’s Zhejiang province to produce lithium-ion battery materials, according to a statement filed on the Shanghai Stock Exchange. With a total investment of 1 billion yuan ($154 million), Zhejiang Huayou-Posco New Energy Co, Ltd will be dedicated to the research and development, production and sales of lithium-ion battery precursor materials.

The second joint venture, Zhejiang Posco-Huayou New Energy Co, Ltd, will receive a total investment of 930 million yuan to engage in the research and development, production and sales of lithium-ion battery precursor materials, as well as battery cathode materials.

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