Posted on 03 Jan 2023
South Korean battery company SK On plans to develop cobalt-free electric vehicle batteries within three years, Kallanish learns from mutliple South Korean media outlets, including The Elec.
So far, SK On hasn't confirmed or commented on this.
According to the source from The Elec, the cobalt-free batteries will be mainly prismatic batteries rather than pouch batteries.
Cobalt is frequently used in EV batteries as a core raw material due to its thermal stability and high energy density. Removing cobalt from the batteries is expected to reduce the cost of the batteries, thus lowering downstream prices.
Besides the cobalt-free batteries, SK On is also developing lithium iron phosphate batteries. Both types of batteries are likely to be used for supplying low-end and mid-range EVs.
Previously, Panasonic and Tesla also expressed interest in cobalt-free batteries.
According to SK On, by the end of November, it had attracted investment of about KRW 1.3 trillion ($1.03 billion) and plans to secure more investments.
Earlier in December, Business Korea reported that SK On will receive about $500 million from multiple institutions, including Qatar Investment Authority and Hillhouse Capital, in the first quarter of 2023. It said SK On plans to secure funding of about KRW 2 trillion in 2023 before its pre-IPO.
Source:Kallanish
