China Petroleum and Chemical Corporation (Sinopec) has signed an agreement with South Korea’s LG Chem to jointly develop key materials for sodium-ion batteries, a low-cost alternative to lithium batteries, targeting the energy storage and low-speed electric vehicle markets in China and globally.

Under the partnership, the two companies will collaborate on the development of core components, including cathodes and anodes, accelerate commercialization, expand the sodium-ion battery business model, and explore future cooperation in renewable energy and high-value-added materials.