After years of staying with NCM with a higher nickel and cobalt content in a never-ending battle for higher energy density, SK Innovation may soon create and add a lithium-ion LFP battery chemistry to its portfolio.
Earlier this month, SK On’s CEO told Reuters that the business is “considering producing lithium iron phosphate batteries (LFP).”
The reason for this is simple: LFP appears to be adequate in terms of energy density for basic EV requirements while being superior in terms of cost, safety, and longevity. As LFPs have evolved and been integrated with modern cell-to-pack or even structural battery approaches, a growing number of carmakers are turning to them.
After a separate story regarding LG Chem’s LG Energy Solution a month ago, it would be the second South Korean battery maker to want to expand its supply of LFP batteries. It will also be interesting to observe the decision of Samsung SDI.
Panasonic, on the other hand, appears to be uninterested in LFP at the moment, although CATL and BYD, two Chinese battery manufacturers, are enthusiastic.
Regardless, LFP would not be SK Innovation’s SK On’s only new branch, as the business is already interested in solid-state batteries, as evidenced by its recent investment in Solid Power.