TAIPEI, October 31, 2022 /PRNewswire/ — Aleees (TWSE: 5227), the Taiwan-based lithium iron phosphate (“LFP”) cathode battery materials manufacturer will provide state-of-the-art LFP process technology to ICL, a leading global specialty minerals company, to develop a $400 million lithium iron phosphate (LFP) cathode active material (CAM) manufacturing facility in St Louis.
This is expected to be the first large-scale production facility for LFP material in The United States. The company was awarded $197 million through funding of the bipartisan infrastructure bill, subject to completion of negotiations with the Department of Energy. The facility is expected to be operational by 2024 and will produce high quality LFP material for the global lithium battery industry, primarily utilizing a domestic supply chain. The LFP facility represents a significant addition to ICL’s energy storage portfolio and demonstrates the company’s commitment to developing high quality specialty products for agricultural, food and industrial applications.
While demand for lithium batteries continues to grow, there are currently no major manufacturers of LFP material The United States. By 2025, the share of LFP batteries should reach more than 30% of all battery deliveries. Electric vehicle (EV) adoption is a key driver for the LFP battery market as this industry and others – such as stationary grid storage and EV charging infrastructure – continue to seek more sustainable, safer and more cost-effective solutions. By 2030, Cairn ERA forecasts that the global demand for the Li-ion battery market will reach more than 2,725 GWh, representing a market value of more than $240 billion.
“LFP is a critical solution for the US energy storage, mobility and infrastructure markets,” he said Phil BrownPresident of Phosphate Specialties and CEO of North America for ICL. “That $197 million Investments by the Department of Energy are critical to building a domestic manufacturer that…
