LG plans lithium iron phosphate materials plant in Morocco

The Korean firm LG Chem is working with China’s Huayou Group to set up a lithium iron phosphate (LFP) cathode materials plant in Morocco. The facility is expected to produce enough material for half a million electric car batteries once it starts up in 2026. LG Chem currently produces nickel-based battery materials. The company says it’s venturing into LFP production because the material’s low cost is creating greater demand from battery makers. Morocco has the world’s largest reserves of phosphate rock. Other firms are also investing in LFP. For example, First Phosphate is trying to open a phosphate mine in Canada and recently agreed to supply phosphoric acid for American Battery Factory’s planned LFP production facility in Arizona.