South Korean battery materials maker Posco Future M has agreed to form a joint venture with a subsidiary of Philippine renewable energy company MC Group to produce raw materials for EV battery cathodes. The Philippines is said to have the world’s second-largest nickel reserves after Indonesia.
Posco Future M, a subsidiary of the steel giant Posco Group, signed a memorandum of understanding with Nickel Prime Solutions Inc to jointly build a plant in the Philippines for processing mixed hydroxide precipitate (MHP) and producing high-purity nickel sulphate for EV battery cathodes. Nickel helps increase energy storage capacity in battery cathodes.
