Posco Chemical Co. under South Korean steel giant Posco will supply materials to Norwegian secondary battery maker Morrow Batteries to ride on rapid EV migration in Europe.

The Korean refractory and secondary battery materials maker said Monday that it on Oct. 21 signed an agreement with Morrow Batteries to cooperate on the development of battery materials and supply them to the Oslo-based EV battery maker.

Morrow Batteries currently is building a battery plant with an annual production capacity of 42 GWh, enough to power 700,000 units of high-performance EVs, in Arendal, Norway.

Posco Chemical has been in close cooperation with the Norwegian company by testing its newly developed battery materials together since the beginning of the year. It will speed up joint development of materials to back Morrow’s mass production of battery cells.

Morrow Batteries also expects the collaboration with Posco Chemical with stable production capacity and materials supply power will further improve its business competitiveness.

“Posco Chemical will combine Morrow’s innovative battery manufacturing technology with its advanced materials technology to lead the European EV market. Based on close cooperation, we’ll be able to provide the best technical solution to customers,” said Jung Dae-hun, head of energy materials business unit at Posco Chemical.

Posco Chemical shares closed Tuesday flat at 150,500 won ($128.91) in Seoul trading.

By Park Yun-gu and Lee Ha-yeon

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