Collaboration to Accelerate Commercialization of Next-Generation Battery Technologies and Enhance Global Competitiveness
SEOUL, South Korea, Nov. 4, 2025 -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") and LG Chem today announced the signing of a joint development agreement on key materials for sodium-ion batteries. Under the agreement, the two companies will collaborate on the development of cathode and anode materials for sodium-ion batteries, targeting applications in energy storage systems and low-speed electric vehicles across China and global markets. The partnership aims to accelerate the commercialization of sodium-ion battery technologies, establish new business models, and extend cooperation into broader new energy and high-value materials sectors in the future.
Sodium-ion batteries offer significant advantages over lithium-ion batteries in terms of resource accessibility and cost efficiency, while delivering enhanced safety and faster charging performance. They also maintain better capacity retention under low-temperature conditions, outperforming lithium iron phosphate batteries and demonstrating strong commercial potential. According to industry research, China's sodium-ion battery market is expected to grow from 10 GWh in 2025 to 292 GWh by 2034, representing an average annual growth rate of approximately 45%. By 2030, China is projected to account for over 90% of global sodium-ion battery production.
The signing ceremony was attended by Mr. Hou Qijun, Chairman of Sinopec; Mr. Wan Tao, Vice President of Sinopec; and Mr. Shin Hak-Cheol, CEO of LG Chem. The agreement was signed by Mr. Bian Fengming, General Manager of Sinopec's Science and Technology Department, and Mr. Lee Jong-Kyu, CTO of LG Chem, on behalf of both parties.
"Sinopec is dedicated to building a world-leading clean energy and chemical company and becoming a major supplier of clean energy and advanced chemical materials," remarked Hou Qijun, Chairman of Sinopec. "This strategic cooperation with LG Chem on sodium-ion battery materials will further strengthen both parties' technological capabilities and market competitiveness, while contributing to the global energy transition and sustainable development."
"As a global leader in battery materials, LG Chem has consistently provided differentiated solutions to customers in the electric mobility market," said Shin Hak-Cheol, CEO of LG Chem. "Through this partnership with Sinopec, we will jointly advance the development of next-generation battery materials and continue to reinforce our business portfolio in alignment with our customers' future strategies."
For more information, please visit http://www.sinopec.com/listco/en/.
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