【Frontiers in HaiChuan Chemical Technology】Sinopec and LG Chem recently signed an agreement to jointly develop key materials for sodium-ion batteries
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Sinopec and LG Chem announce joint development of sodium-ion battery materials On November 4, according to the news office of Sinopec, the company and LG Chem recently signed an agreement to jointly develop key materials for sodium-ion batteries. The two parties will target the energy storage system and low-speed electric vehicle markets in China and around the world, work together to develop key materials such as cathode and anode materials for sodium-ion batteries, accelerate the commercialization process, expand the business models related to sodium-ion batteries, and in the future extend their cooperation to the fields of new energy and high-value-added materials. Hou Qijun, Chairman of Sinopec, Wan Tao, Vice President of Sinopec, and Shin Hak-jo, CEO of LG Chem, attended the signing ceremony. Bian Fengming, General Manager of Sinopec’s Technology Department, and Lee Jong-kyu, Chief Technology Officer of LG Chem, signed the agreement on behalf of their respective companies. Compared to lithium-ion batteries, sodium-ion batteries offer advantages in terms of resources and cost, as well as better safety and charging speeds. In low-temperature environments, sodium-ion batteries experience less capacity degradation, perform better than lithium iron phosphate batteries, and have broad market prospects. According to forecasts by research institutions, China’s sodium-ion battery market is set to grow from 10 GWh in 2025 to 292 GWh by 2034, with an average annual growth rate of around 45%. By 2030, the Chinese market is expected to account for over 90% of global sodium-ion battery production. Hou Qijun, chairman of Sinopec, said that the company aims to become a world-leading clean energy and chemical enterprise, striving to serve as a supplier of clean energy and high-end chemical materials. This collaborative development of sodium-ion battery materials will help both parties further enhance their technical capabilities and market competitiveness, thereby advancing energy transition and sustainable development. Sin Hak-jo, CEO of LG Chem, said that as a global leader in battery materials, LG Chem has been providing differentiated solutions to customers in the electric vehicle market. Through this partnership with Sinopec, a new generation of battery materials will be developed in due course, and the portfolio of business investments aligned with customers’ future strategies will continue to be strengthened.
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