GlobalData: EV manufacturers looking for innovative electrode active material suppliers
General Motors (GM) recently finalized a significant battery material supply contract worth $19 billion with South Korea's LG Chem, marking a major milestone in the electric vehicle (EV) industry. Under the agreement, LG Chem will supply cathode active materials until 2035, sufficient to power up to five million cars produced by GM. This collaboration exemplifies the substantial commercial value that high-value innovators in electrode active materials have been achieving in recent times, as highlighted by Technology Foresights, a proprietary framework developed by GlobalData, a leading data and analytics company.
The significance of cathode active materials, and more broadly, electrode active materials, cannot be overstated in the realm of high-performance EV batteries. Nickel, magnesium, and other metals constitute the active materials, playing a pivotal role in the electrochemical reactions throughout the charging and discharging processes. The increasing adoption of EVs over the past decade has fuelled a heightened need for electrode materials that exhibit superior efficiency and extended lifespan.