South Korean battery companies accelerate development, scale for lithium iron phosphate battery ecosystem

A key development behind an increased uptake of LFP technology by several battery makers is the expiration of the key patents related to the LFP production that had earlier prevented the companies outside mainland China to produce LFP cells due to elevated licensing fees

Intensifying competition and a global slowdown in the demand for electric vehicles are increasingly pressuring carmakers to explore ways to reduce the cost of manufacturing for wider adoption. The growing focus on lithium iron phosphate (LFP) battery technology is emerging to be a key step in that direction with almost all global automakers looking to integrate LFP chemistry into their battery portfolios, irrespective of their location.