China Petroleum & Chemical Corporation (Sinopec) and LG Chem have signed a joint development agreement to advance key materials for sodium-ion batteries. The collaboration targets the creation of cathode and anode materials for energy storage systems and low-speed electric vehicles in China and international markets. By combining resources and expertise, the two companies intend to speed up the commercialization of sodium-ion battery technologies, explore new business models and expand cooperation into other new energy and high-value materials areas.
Sodium-ion batteries are emerging as a competitive alternative to lithium-ion systems due to their wide resource availability and lower production costs. They also offer enhanced safety, faster charging times and superior capacity retention at low temperatures, outperforming traditional lithium iron phosphate batteries in certain conditions. Industry projections estimate China’s sodium-ion battery production will grow from around 10 gigawatt-hours (GWh) in 2025 to approximately 292 GWh by 2034, reflecting an annual growth rate near 45%. By 2030, China is expected to account for more than 90% of global sodium-ion battery output.
The agreement signing took place in Seoul, with Sinopec’s Chairman Hou Qijun and Vice President Wan Tao, as well as LG Chem’s CEO Shin Hak-Cheol, in attendance. The documents were formalized by Bian Fengming, General Manager of Sinopec’s Science and Technology Department, and Lee Jong-Kyu, Chief Technology Officer of LG Chem.
“Sinopec is dedicated to building a world-leading clean energy and chemical company and becoming a major supplier of clean energy and advanced chemical materials,” remarked Hou Qijun, Chairman of Sinopec. “This strategic cooperation with LG Chem on sodium-ion battery materials will further strengthen both parties’ technological capabilities and market competitiveness, while contributing to the global energy transition and sustainable development.”
“As a global leader in battery materials, LG Chem has consistently provided differentiated solutions to customers in the electric mobility market,” said Shin Hak-Cheol, CEO of LG Chem. “Through this partnership with Sinopec, we will jointly advance the development of next-generation battery materials and continue to reinforce our business portfolio in alignment with our customers’ future strategies.”
Source: PR Newswire
