Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens Wu Yanzu in South China for the delivery of clues! February 21 news, according to foreign media reports, South Korean battery manufacturer LG New Energy (LG Energy Solution) is developing lithium iron phosphate (LFP) batteries for electric vehicles.

According to sources, the company's goal is to make the battery better than its rival Ningde era, which has a 20 per cent higher energy density than the battery supplied to Tesla Model 3 by Ningde era. Foreign media said the company's goal may be to supply Tesla with its lithium iron phosphate battery.

Iron phosphate batteries use cheaper, richer metals as raw materials and, most importantly, less volatile chemicals, which makes iron phosphate batteries safer than those that require nickel and cobalt.

According to foreign media reports, the lithium iron phosphate battery developed by LG New Energy will use a cobalt-free cathode and a soft package type instead of prismatic or cylindrical batteries favored by Chinese battery manufacturers.

It is reported that the company initially refused to develop lithium iron phosphate batteries because iron-based batteries have lower energy density and shorter mileage on a single charge. However, lithium iron phosphate batteries also have advantages. For example, iron-based batteries are cheaper to produce and less likely to overheat.

LG New Energy is a new company that was spun off from LG Chemical (LG Chem) in December 2020 and specializes in battery business. Its customers include Tesla, General Motors and Volkswagen. After the split, LG Chemical will hold a 100 per cent stake in the new company.

Last month, foreign media reported that LG New Energy plans to develop lithium-sulfur batteries within three years, meaning the company aims to commercialize the batteries by 2027.

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