SK Energy said yesterday that it has signed a memorandum of understanding to develop energy storage systems with Formosa Plastics Group, the largest company in Taiwan and the largest private petrochemical company in Asia.
Under the MOU, a cathode developed and produced by Formosa will be used in an energy storage system (ESS) from SK. The two companies will then complete work on the system together. An ESS is a large battery that can store up to 1,000 times more energy than electric vehicles currently use.
“SK Energy’s lithium-ion battery business will make a big leap, now that we have a strong partnership with Formosa along with our other partnership for anodes with Aekyung Petrochemical,” said an SK Energy official.
A cathode is the positive side of a battery, the anode is the negative side.
SK said that its partnership with Formosa will help it develop a safer ESS, while also helping it enter the Chinese market, which is one of the world’s largest markets for new and renewable energy.
