Sinopec and LG Chem Sign Agreement to Jointly Develop Sodium-ion Battery Materials

Core Insights - Sinopec and LG Chem have signed a joint development agreement to collaborate on sodium-ion battery materials, focusing on applications in energy storage systems and low-speed electric vehicles [1][2][4] - The partnership aims to accelerate the commercialization of sodium-ion battery technologies and expand into new energy and high-value materials sectors in the future [1][3] Industry Overview - Sodium-ion batteries present advantages over lithium-ion batteries, including better resource accessibility, cost efficiency, enhanced safety, and faster charging performance [3] - The sodium-ion battery market in China is projected to grow from 10 GWh in 2025 to 292 GWh by 2034, indicating an average annual growth rate of approximately 45% [3] - By 2030, China is expected to account for over 90% of global sodium-ion battery production [3] Company Statements - Sinopec's Chairman, Hou Qijun, emphasized the strategic cooperation with LG Chem will enhance technological capabilities and market competitiveness, contributing to global energy transition and sustainable development [5] - LG Chem's CEO, Shin Hak-Cheol, highlighted the partnership's role in advancing next-generation battery materials and aligning with customer strategies in the electric mobility market [5]