POSCO FUTURE M announced on the 27th that it has completed the development of lithium manganese rich (LMR) cathode materials, which will be a game changer in the entry and standard electric vehicle markets, and is moving towards securing mass production technology. LMR batteries are considered the next generation of batteries as they can compete in price with lithium iron phosphate (LFP) batteries, which Chinese battery manufacturers are primarily producing, while offering superior performance.
The LMR battery can enhance price competitiveness by significantly reducing the expensive cobalt and nickel content while increasing the use of cheaper manganese. Considering that LFP batteries are difficult to recycle, LMR batteries, which have a high lithium recovery rate, can also have an economic advantage. Furthermore, they can achieve 33% higher energy density compared to LFP batteries, making it possible to secure larger capacities and suggesting a rapid replacement of the LFP market.
Since 2023, POSCO FUTURE M has been developing LMR commercialization technology in collaboration with global automakers and battery companies. The POSCO FUTURE M Technology Research Institute has combined research capabilities with POSCO Holdings' Future Technology Research Institute, which oversees research and development (R&D) for the POSCO Group, to steadily improve energy density, charging and discharging performance, and stability, resulting in successful pilot production last year. They plan to secure mass production technology within this year and aggressively pursue large-scale contract orders.
Recently, at the request of a client, POSCO FUTURE M conducted due diligence in the areas of equipment operation, safety, and environment necessary for LMR production and obtained approval. This allows POSCO FUTURE M to establish a mass production system utilizing the existing NCM cathode production line without large-scale new investments, ensuring timely product supply according to client requests.
Hong Young-jun, head of the POSCO FUTURE M Technology Research Institute, noted, "The LMR cathode material has long been recognized for its potential, yet faced challenges in commercialization, particularly in terms of lifespan (cycleability), but there has been significant progress through research and development. We are on the verge of launching a product that combines a low price with high energy density in collaboration with clients based on a solid trust relationship."