Key Facts
• South Korea is developing lithium manganese-rich (LMR) batteries for mid- to low-cost markets.
• The government plans to invest approximately $22.5 million (300 billion won) in LMR technology.
• LMR batteries offer higher energy density and recycling cost advantages over lithium iron phosphate (LFP).
• The Ministry of Trade, Industry, and Energy has allocated $3.75 million (50 billion won) for 2024.
• A 4–5 year R&D plan for LMR batteries is set to begin in 2026.
• LMR battery-based electric vehicle (EV) markets are expected to grow from 2028.
• GM and LG Energy Solution aim for LMR mass production by 2028 for EVs like trucks and SUVs.
• Challenges include capacity loss during initial charging and manganese dissolution from cathodes.
• High-performance LFP and sodium battery projects are also underway with similar funding scales.
• South Korea seeks to regain market share lost to Chinese firms in the LFP sector.
Summary
South Korea is advancing its battery industry by focusing on lithium manganese-rich (LMR) technology to compete in the mid- to low-cost market. The government has committed $22.5 million (300 billion won) over 4–5 years, starting with $3.75 million (50 billion won) in 2024. LMR batteries, which offer higher energy density and recycling cost benefits compared to lithium iron phosphate (LFP), are seen as a strategic alternative to regain market share lost to Chinese competitors. The Ministry of Trade, Industry, and Energy has outlined a comprehensive R&D plan, with the LMR-based EV market expected to expand from 2028. Companies like GM and LG Energy Solution are collaborating on LMR development, targeting mass production by 2028. However, technical challenges, such as capacity loss during initial charging and manganese dissolution, remain. This initiative complements ongoing projects for high-performance LFP and sodium batteries, reflecting South Korea’s broader strategy to address gaps in the EV and battery markets.
