POSCO Future M to raise $771 million to bolster battery materials business

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The story "POSCO Future M to raise $771 million to bolster battery materials business" was covered 9 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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POSCO Future M to raise $771 million to bolster battery materials business - Korea Economic Daily

Quick Summary:

POSCO Future M Co., South Korea’s leading battery materials maker, is set to raise 1.1 trillion won ($771 million) through a rights offering as it doubles down on its bet to expand manufacturing capacity in North America amid a prolonged downturn in global electric vehicle demand.

The holding company plans to provide 328 billion won to its lithium joint venture, POSCO-Pilbara Lithium Solution, and 69 billion won to POSCO GS Eco Materials for stable lithium production and battery recycling.

The rights issue follows a flurry of capital-raising efforts across the sector as battery makers grapple with an extended industry slump.Samsung SDI Co.last month announced a 2 trillion won rights issue plan, while LG Energy Solution Ltd.opted to tap the debt market via foreign currency bonds.SK On Co., the battery arm of SK Group, secured 1.5 trillion won via a rights offering last year.