Blog

DEEP RESEARCH · BATTERY MATERIALS/JV STRUCTURE

The Ownership Blueprint of the Battery Revolution

JVs and strategic equity investments by POSCO Holdings, EcoPro, Korea Zinc, and LS

Published: 2025-10-15 · Battery materials supply chain analysis · Naver Blog

Investment decisions are your own responsibility. This material is research and is not a buy or sell recommendation.

0. Bottom line first

In battery materials, the key question is not simply who produces. It is which partner controls feedstock and technology, and at what ownership percentage. Chinese ownership exposure and IRA/FEOC handling are central checkpoints.

1. Why JVs became strategy

Official fact: The source frames JVs and strategic equity investments around four goals: stable raw-material supply, CAPEX sharing, faster technology acquisition, and response to IRA and U.S.-China competition.

Battery-materials JV blueprintOwnership is the language of supply-chain control
MaterialsLithium, nickel
CapitalCAPEX sharing
TechnologyPrecursors, refining
RegulationIRA, FEOC
Partner nationality and ownership percentages shape both risk and premium.

2. POSCO Holdings

EntityPartnerPOSCO stakePurpose
POSCO Pilbara Lithium SolutionPilbara Minerals82%Australian lithium concentrate and Gwangyang lithium hydroxide; Pilbara stake can rise to 30%
POSCO-CNGR precursor JVCNGR60%Use Chinese precursor technology while keeping control in Korea
POSCO-SMSP nickel JVSMSP49%Secure New Caledonia nickel matte
Direct Pilbara investment-2.76%Strengthen strategic relationship with a core raw-material supplier
POSCO Argentina-100%Direct brine lithium development

Interpretation: POSCO’s model is close to “control and localize”: use Chinese technology but keep majority control in domestic JVs.

3. EcoPro

ProjectPartnerEcoPro group stakeCapacity
QMBGEM9%50,000 tons nickel
Green Eco NickelGEM9% by EcoPro + 28% by EcoPro Materials20,000 tons nickel
ESG smelterGEM10%Undisclosed
Meiming smelterGEM9%Undisclosed

Official fact: The source says EcoPro needs about 100,000 tons of nickel to build a 200,000-ton precursor production system by 2027.

Interpretation: EcoPro is moving fast on Indonesian nickel, but its dependence on GEM and Indonesia intersects directly with FEOC interpretation.

4. Korea Zinc and KPC

Official fact: Korea Zinc increased its Kemco stake from 35% to 64%; Trafigura holds 12.9%, and LG Chem is listed as a 10% shareholder. Young Poong’s stake was diluted from 15% to 5.3%.

Official fact: KPC is a 51:49 JV between Kemco and LG Chem, with over KRW 200bn invested for a 20,000-ton-per-year precursor plant in Ulsan Onsan.

POSCO

Diversification and control

Connects Australia, New Caledonia, Argentina, and Korea while keeping control in key JVs.

EcoPro

Nickel race

Secures Indonesian nickel by spreading equity across several GEM projects.

Korea Zinc

Governance and materials pivot

Uses Kemco and KPC to connect precursors, sourcing, and friendly ownership.

Sources

Naver original