EcoPro announced that it exported approximately 107,000 tons of high nickel cathode materials in 2023, up 24.4 percent from 86,000 tons in 2022. EcoPro’s high nickel cathode material exports exceeded 10,000 tons for the first time in 2018 with 16,000 tons and then steadily increased to 18,000 tons in 2019, 28,000 tons in 2020, and 47,000 tons in 2021.
EcoPro exported 100,000 tons of cathode materials last year, which is enough to produce batteries for up to 1.2 million electric vehicles. Of this, about 60 percent is used to produce batteries for electric vehicles and 40 percent batteries for power tools. EcoPro expects to export about 120,000 tons of high-nickel cathode materials this year.
In recognition of its contribution to Korea’s exports, the US$3 Billion Export Tower award was awarded to EcoPro BM, the US$2 Billion Export Tower to EcoPro EM, and the US$500 Million Export Tower to EcoPro Materials at the 60th Trade Day Event in 2023.
“We have a wide range of products from high-nickel to nickel-cobalt-aluminum cathode materials, nickel-cobalt-manganese cathode materials and nickel, cobalt, manganese and additive cathode materials that can be applied to all battery types such as prismatic, cylindrical, and pouch-type batteries,” an EcoPro official said.
EcoPro plans to expand its mid-nickel cathode material lineup in the future. According to EcoPro, mid-nickel cathode materials are a safe cathode material with a reduced nickel and cobalt composition and increased manganese to improve cost competitiveness and increase thermal stability. “We will expand our production capacity to meet growing market demand, mainly from the United States, Europe, and China,” the official said. “We will ramp up our anode production capacity from the current 180,000 tons per year to 710,000 tons by 2027.”