South Korean battery maker LG Energy Solution will pay 35 billion won for a 4.8per cent stake in China's Greatpower Nickel and Cobalt Materials Co and has secured six years of nickel supply from the company, it said on Friday.LG Energy Solution, a subsidiary of LG Chem that counts automakers Tesla and General Motors as customers, said in a statement it had secured a total of 20,000 tonnes of the battery ingredient nickel from Shanghai-based Greatpower over six years starting in 2023.
In its own statement, Greatpower said the tie-up would"ensure stable supply of key raw materials required for the production of electric vehicle batteries". LG Energy Solution and Hyundai Motor this week started construction on a US$1.1 billion plant to make EV batteries in Indonesia.
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