On the 4th, L&F announced at the National Growth Fund Fund Fund Management Review Committee held on May 28 that its subsidiary L&F Plus was finally selected as a target for long-term and low-interest loans worth 220 billion won.
A total of 220 billion won worth of funds, including 170 billion won from the Advanced Strategic Industries Fund, will be supplied in a 12-year long-term and low-interest loan method, and all subsidies will be invested to build a plant dedicated to lithium iron phosphate (LFP) cathode materials.
In August last year, L&F established L&F Plus, a 100% subsidiary dedicated to the production and sale of LFP cathode materials, and completed the completion of a plant dedicated to LFP cathode materials in the second phase of the national industrial complex in Guji-myeon, Dalseong-gun, Daegu in May this year. L&F Plus will start mass production of LFP cathode materials worth 30,000 tons per year at the end of the third quarter of this year, and will have a total annual mass production capacity of 60,000 tons by the first half of 2027.
"This is the result of recognizing the importance of localizing LFP cathode materials in the secondary battery sector, which is a key strategic industry in the country, and our company's ability to promote its own technology and business," said Heo Je-hong, CEO of L&F. "Based on the long-term and low-cost financial structure, we will steadily promote the mass production of LFP cathode materials, and contribute to strengthening the supply chain of key materials in Korea and North America and enhancing the competitiveness of the battery industry."
