Our Next Energy partners with major CAM producer, L&F

Michigan-based energy storage company, Our Next Energy Inc (ONE) on Wednesday (April 3) said it has signed a Memorandum of Understanding (MoU) with L&F, a leading South Korean cathode active materials (CAM) company for securing IRA-compliant CAM for its domestic-made cells.

As part of the partnership, ONE and L&F will collaborate on the validation, qualification, and production of a mid to long-term supply of LFP CAM. While specific volumes were not disclosed, the MoU could provide enough CAM to meet ONE's 20 GWh needs when operating at capacity by the end of 2027.

"There continues to be strong demand from U.S. companies in the transportation and stationary storage markets for IRA-compliant battery cells and packs," said Paul Humphries, CEO of ONE.

"L&F is an experienced CAM producer from a free-trade agreement country that can provide ONE with the highest-quality material, at the volume needed, to scale our Michigan cell factory."

With the latest MoU, L&F has become the first Korean LFP CAM manufacturer to commence mass production of IRA-complaint materials for use in US-made battery cells said Su-An Choi, CEO of L&F.

The company has close to two decades of experience in nickel cobalt manganese (NCM), lithium cobalt oxide (LCO), and lithium manganese oxide (LMO) chemistries used by major EV manufacturers and battery producers. The company has five existing CAM factories in Korea and is exploring potential opportunities for future expansion to North America.

"With the need for cost-effective electric vehicles in the U.S. combined with the growing interest in LFP battery chemistry, L&F has moved quickly to invest in and expedite the development of CAM materials to respond to this demand," Su-An Choi added.