BEIJING/SINGAPORE: China‘s Sinopec , the world’s biggest refiner by capacity, signed an agreement with South Korea‘s LG Chem on Tuesday to jointly develop sodium-ion battery materials, in its first push into new energy and higher-value petrochemicals.
The companies will focus on energy-storage systems and batteries for low-speed EVs in China and globally, jointly developing key materials to speed up commercialisation, Sinopec said in a statement.
China‘s sodium-ion market is expected to grow from 10 GWh in 2025 to 292 GWh by 2034, with China producing more than 90 per cent of global output by 2030, Sinopec added, citing a market report.
The company said sodium-ion batteries offer resource and cost advantages over lithium-ion, with improved safety, faster charging, and stronger low-temperature performance compared with lithium iron phosphate batteries.
“Through this cooperation with Sinopec, we will develop next-generation battery materials at the right time and continue to strengthen a business portfolio aligned with customers’ future strategies,” LG Chem CEO Hak Cheol Shin said.
© New Straits Times Press (M) Bhd
