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LG Chem, Korea’s top chemicals company, said Wednesday it has signed a five-year deal with Nemaska Lithium, a Canadian supplier of lithium hydroxide, a key material in making electric vehicle batteries.
The deal allows LG Chem to receive 7,000 tons of lithium hydroxide per year, enough for batteries for about 140,000 electric vehicles. The deal is set to begin in the second half of 2020.
The latest deal underscored LG Chem’s efforts to secure a stable supply of lithium hydroxide amid growing demand for zero-emission cars.
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