L&F, CNGR to Partner in Response to US IRA

TL/DR –

South Korean major cathode supplier L&F Co. has signed a memorandum of understanding (MOU) with Chinese precursor company CNGR Advanced Material Co. in response to the US Inflation Reduction Act (IRA). The two companies plan to collaborate on establishing a supply chain and production system for lithium iron phosphate (LFP). They have also discussed securing a large-scale supply chain in a Moroccan free trade zone for compliance with the IRA.

L&F Co., a key cathode supplier in South Korea, declared that they have partnered with China’s CNGR Advanced Material Co. in a memorandum of understanding (MOU), to navigate the US Inflation Reduction Act (IRA).

The firms aim to establish a comprehensive supply chain and production system for lithium iron phosphate (LFP) as part of this collaboration.

They have been contemplating about creating a large-scale supply chain in a Moroccan free trade zone to adhere to the IRA. L&F talked about this MOU as a component of their ongoing partnership.

L&F has been assertive in approaching the LFP market, inclusive of signing an MOU with ONE, the pioneer LFP battery specialist in the US for LFP supply, and supplying nickel, cobalt, and manganese (NCM) precursors for IRA compliance.

Contact Hyung-Kyu Kim at khk@hankyung.com.

—
Read More US Economic News