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| CNGR Advanced Material |
CNGR Advanced Material, a leading Chinese manufacturer of lithium-ion battery cathode materials, reported an increase in its production of nickel-cobalt-manganese (NCM) oxide precursors during the first half of 2024. This growth is largely driven by rising demand from the electric vehicle (EV) market, reinforcing CNGR's strong position in the battery materials sector.
Expanding Global Capacity to Meet Demand
In the first half of 2024, CNGR's NCM precursor output rose by 8% to 114,342 tons, operating at 71% capacity. Cobalt tetroxide and iron phosphate production also saw significant activity, reaching 11,932 tons and 14,664 tons, respectively, operating at 98% and 88% capacity rates. To meet increasing global demand, CNGR is expanding its production base with plans to add 230,000 tons of additional NCM precursor capacity, including 120,000 tons in Morocco and 110,000 tons in South Korea.
The company also made strides in the cobalt market, delivering cobalt metal from its 2,000 t/yr production facility in Qinzhou, Guangxi, starting in July. In addition, CNGR’s nickel cathodes received approval for listing on the London Metal Exchange in February 2024, further establishing the company’s role in the global battery supply chain.
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