Seoul (South Korea), March 14: South Korean steelmaker POSCO said Monday it has broken ground for a plant that will produce sold-state electrolyte (SSE), a key component in solid-state batteries.
The plant in Yangsan, about 420 kilometers southeast of Seoul, will be able to produce 24 tons annually from the second half of the year, according to POSCO.
SSE is one of the key components for future electric vehicle (EV) battery production, as it enables an EV to run a longer distance.
The steelmaker has been making efforts to boost its non-steel businesses, such as EV battery materials and hydrogen, amid stiff emission regulations.
Early this month, POSCO, the country's top steelmaker, launched a holding company to better nurture non-steelmaking businesses.
The steelmaking group will jack up its production capacity of cathode and anode materials used for batteries to 420,000 tons and 260,000 tons, respectively, by 2030.
Its annual production of lithium and nickel will amount to 220,000 tons and 140,000 tons, respectively, by that year.
The group will also spend 10 trillion won (US$8.3 billion) by 2030 on its hydrogen business in order to produce 500,000 tons of hydrogen per year.