Samsung said it will contribute 48 billion won ($39 million) to the joint venture for a 40% stake, while EcoPro BM will contribute 72 billion won ($58 million) for a 60% share.
EcoPro EM expects to begin construction of a cathode material plant in Pohang, in South Korea’s North Gyeongsang Province, within the year. The plant will start production of cathode materials for NCA 811 batteries in the first quarter of 2022.
EcoPro BM aims to increase its production capacity of cathode materials by 150,000 metric tons, including that of the joint venture, and manufacture a total 180,000 metric tons in 2023.
EcoPro BM currently offers two main product lines: its NCA series (Ni-rich), and advanced NCM.