Factbox: As electric cars take off, makers pledge $14.3 billion for US lithium iron phosphate

Icl

22/06/2023 11:00

(Repeats for wider distribution.)
    By Paul Lienert
       June 22 (Reuters) - Interest and investment in lithium
iron phosphate (LFP) battery cells and materials, used to power
electric vehicles, continue to climb in the United States. LFP
is a lower-cost competitor to nickel cobalt manganese cells.
    Seven companies have committed more than $14 billion in
future LFP manufacturing facilities in the U.S., with others,
including Tesla  TSLA.O  and Rivian  RIVN.O , reportedly
considering similar investments. 
    Here is a look at some of the announced LFP projects.
 
    FORD 
    Ford Motor  F.N  is planning to open a $3.5 billion LFP
manufacturing plant in 2026 in Marshall, Michigan, using
technology licensed from China’s CATL  300750.SZ .
    
    GM
    General Motors  GM.N  has announced a $3 billion LFP plant
in Fort Wayne, Indiana, with partner Samsung SDI  006400.KS , to
open in 2026.
    
    LG ENERGY SOLUTION
    South Korea’s LGES  373220.KS  plans to add LFP production
later this year to its Holland, Michigan, battery cell plant as
part of a $1.7 billion expansion.
    
    GOTION
    Chinese battery maker Gotion  002074.SZ  has announced a
$2.4 billion project to make battery materials in Big Rapids,
Michigan, starting in 2025.
    
    FREYR
    Norwegian battery startup Freyr  7XN.F  expects to open a
$1.7 billion battery plant outside Atlanta, using technology
from Aleees and 24M. It has not specified a start date.
    
    OUR NEXT ENERGY
    Michigan startup ONE plans to start pilot production of
battery cells late this year at a $1.6 billion plant in Van
Buren Township.
    
    ICL
    Israel’s ICL Group  ICL.TA  has announced it will build a
$400 million battery materials plant near St Louis, Missouri, to
open in 2024.
 

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ANALYSIS-For EV batteries, lithium iron phosphate narrows the
gap with nickel, cobalt      urn:newsml:reuters.com:*:nL1N38D2KB
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 (Reporting by Paul Lienert in Detroit
Editing by Matthew Lewis)
 ((Paul.Lienert@thomsonreuters.com; mobile +1 313-670-2452;))