LG新能源与龙蟠科技签署超5万亿韩元LFP正极材料供应协议
LG新能源与中国电池材料供应商龙蟠科技签署协议，将采购价值超过5万亿韩元的磷酸铁锂正极材料。此举深化双方合作，涉及电池材料供应链。
原文深度解读
本文报道了LG新能源（LG Energy Solution）与中国电池材料供应商龙蟠科技（Lopal Tech）签署价值超过5万亿韩元的磷酸铁锂（LFP）正极材料供应协议。协议期限为2026年至2028年，年度交易上限为90亿元人民币，总金额约270亿元人民币（约5.7万亿韩元）。同时，LG新能源将向龙蟠科技供应碳酸锂等原材料，年度交易上限为60亿元人民币。文章还涉及双方合作历史、LBM印尼工厂扩产计划、LG新能源ESS电池产能布局及订单情况。该协议与电子元器件供应链中的电池材料环节密切相关，影响LFP正极材料及上游锂资源的供应格局。
- 龙蟠科技于8月6日披露与LG新能源签署LFP正极供应协议，合同期三年（2026年1月1日至2028年12月31日），年度交易上限90亿元人民币，总金额270亿元人民币（约5.7万亿韩元）。
- 双方未披露出货量或交付区域，但LG新能源超过80%的LFP电池产能集中在北美，预计大部分材料将供应北美。
- LG新能源将向龙蟠科技供应碳酸锂等LFP正极生产所需材料，年度交易上限60亿元人民币，三年总计180亿元人民币（约3.75万亿韩元）。
- LG新能源自2024年起与龙蟠科技子公司常州锂源（LBM）合作，2024年2月签署16万吨LFP正极长期协议，同年12月扩大至26万吨，行业估计价值2万亿至3万亿韩元；2025年2月收购LBM印尼子公司20%股权。
- LBM印尼工厂计划将LFP正极年产能扩至24万吨：一期3万吨（2024年）、二期9万吨（已完成）、三期12万吨（上月开工，投资约2300亿韩元）。
- 龙蟠科技对LG新能源的销售额从2023年77亿韩元增至去年3000亿韩元，今年上半年已达3500亿韩元；LG新能源向龙蟠科技供应的原材料从去年370亿韩元增至今年1377亿韩元。
供应链影响
- LG新能源与龙蟠科技的深度绑定可能增强其LFP正极材料的供应稳定性，但供应量取决于LBM印尼工厂的扩产进度及产能爬坡情况。
- 由于LG新能源大部分LFP产能位于北美，该协议可能影响北美ESS电池供应链的区域化布局，但具体取决于交付区域的实际分配。
- LG新能源向龙蟠科技供应碳酸锂等原材料，可能形成双向供应关系，影响锂资源的全球流动和定价，但取决于双方执行情况。
- LBM印尼工厂的扩产可能增加印尼在LFP正极材料供应中的份额，可能影响东南亚电池材料供应链格局，但取决于后续产能释放。
- LG新能源ESS订单增长（2025年新增90GWh，计划今年超过）可能带动对LFP正极材料的需求，但实际影响取决于订单转化率和产能扩张。
系统解读，仅作为判断线索，不构成备货、出货、涨价或投资建议。
（来源：江苏龙蟠科技股份有限公司）
LG新能源已同意从中国电池材料供应商龙蟠科技采购价值超过5万亿韩元的磷酸铁锂（LFP）正极材料，随着其加大用于储能系统（ESS）的LFP电池生产，双方合作进一步深化。
龙蟠科技于8月6日披露，已与LG新能源签署LFP正极供应协议。合同期限为三年，自2026年1月1日起至2028年12月31日止。年度交易上限为90亿元人民币，合同期内总金额相当于270亿元人民币，约合5.7万亿韩元。
两家公司均未披露出货量或交付区域。鉴于LG新能源超过80%的LFP电池产能集中在北美，预计大部分材料将供应至该地区。
两家公司还在扩大原材料方面的合作。LG新能源将向龙蟠科技供应碳酸锂及其他LFP正极生产所需材料。年度交易上限为60亿元人民币，三年期内总金额相当于180亿元人民币，约合3.75万亿韩元。
正极是决定容量、输出和整体性能的关键电池材料，占电池制造成本的一半以上。韩国材料供应商传统上专注于镍基三元正极，导致国内LFP正极供应能力相对有限。与此同时，中国在多年重金投入该领域后，建立了大规模的LFP材料供应链。LG新能源已是LFP电池的大规模生产商，越来越依赖中国供应商以快速获取材料。
LG新能源自2024年起与龙蟠科技子公司常州锂源（LBM）合作。该公司在今年早些时候LG新能源2026年合作伙伴日活动中被列为关键合作伙伴。
两家公司于2024年2月签署长期协议，涵盖至2028年供应16万吨LFP正极材料。同年12月，他们将协议扩大至26万吨。当时行业估计该交易价值超过2万亿至3万亿韩元。LG新能源还于2025年2月收购了LBM印尼子公司PT LBM Indonesia 20%的股权。
LBM印尼工厂计划将LFP正极年产能扩大至24万吨。在2024年启动一期工厂（年产能3万吨）后，公司完成了二期设施（产能9万吨）。上个月，公司开始建设三期工厂，年产能12万吨，投资约2300亿韩元。
LG新能源与龙蟠科技之间的业务增长迅速。龙蟠科技对LG新能源的销售额从2023年的77亿韩元增至去年的3000亿韩元。仅今年上半年，销售额就达到3500亿韩元，已超过去年全年总额。LG新能源向龙蟠科技供应的原材料也从去年的370亿韩元增至今年的1377亿韩元。
扩大后的协议似乎旨在支持北美ESS应用LFP电池产量的增长。LG新能源自去年下半年以来一直在北美生产用于ESS应用的JF2 LFP电芯。
该公司目前在四个地点生产ESS电池：密歇根州荷兰市；俄亥俄州的L-H电池公司；田纳西州的Ultium Cells；以及加拿大的NextStar Energy。其密歇根州兰辛工厂的一条ESS生产线也计划于今年晚些时候投产。LG新能源计划到今年年底将全球ESS电池产能扩大至超过60吉瓦时（GWh），其中北美占50 GWh以上。
截至去年年底，LG新能源在全球累计获得约140 GWh的ESS电池订单。该公司在2025年期间预订了90 GWh的新订单，并计划今年超过这一数字。其ESS客户包括特斯拉、Terra-Gen、Excelsior Energy Capital、EG4 Electronics和韩华Qcells。
(Source: Jiangsu Lopal Tech Group Co., Ltd.)
LG Energy Solution has agreed to purchase more than 5 trillion won worth of lithium iron phosphate (LFP) cathode materials from Chinese battery materials supplier Lopal Tech, deepening cooperation as it ramps up LFP battery production for energy storage systems (ESS).
Lopal Tech disclosed on Aug. 6 that it signed an LFP cathode supply agreement with LG Energy Solution. The contract runs for three years from Jan. 1, 2026, through Dec. 31, 2028. The annual transaction cap is 9 billion yuan, equivalent to a total of 27 billion yuan, or about 5.7 trillion won, over the contract period.
Neither company disclosed shipment volumes or delivery regions. Given that more than 80% of LG Energy Solution's LFP battery production capacity is concentrated in North America, a substantial portion of the materials is expected to be supplied there.
The two companies are also expanding cooperation in raw materials. LG Energy Solution will supply Lopal Tech with lithium carbonate and other materials required for LFP cathode production. The annual transaction cap is 6 billion yuan, equivalent to 18 billion yuan, or about 3.75 trillion won, over the three-year period.
Cathodes are a key battery material that determines capacity, output and overall performance, accounting for more than half of battery manufacturing costs. South Korean materials suppliers have traditionally focused on nickel-based ternary cathodes, leaving domestic LFP cathode supply capacity relatively limited. China, meanwhile, established large-scale LFP material supply chains after investing heavily in the segment for years. LG Energy Solution, already a large-scale producer of LFP batteries, has increasingly relied on Chinese suppliers to secure materials quickly.
LG Energy Solution has been working with Lopal Tech subsidiary Changzhou Lithium Source since 2024. The company, commonly known as LBM, was included among key partners at LG Energy Solution's 2026 Partners Day event earlier this year.
The two companies signed a long-term agreement in February 2024 covering the supply of 160,000 metric tons of LFP cathode materials through 2028. In December of the same year, they expanded the agreement to 260,000 tons. Industry estimates at the time valued the deal at more than 2 trillion won to 3 trillion won. LG Energy Solution also acquired a 20% stake in LBM's Indonesian subsidiary, PT LBM Indonesia, in February 2025.
LBM's Indonesian facility plans to expand annual LFP cathode production capacity to 240,000 tons. After launching a first-phase plant with annual capacity of 30,000 tons in 2024, the company completed a second-phase facility with 90,000 tons of capacity. Last month, it began construction of a third-phase plant capable of producing 120,000 tons annually with an investment of about 230 billion won.
Business between LG Energy Solution and Lopal Tech has grown rapidly. Lopal Tech's sales to LG Energy Solution increased from 7.7 billion won in 2023 to 300 billion won last year. During the first part of this year alone, sales reached 350 billion won, already exceeding last year's total. Raw materials supplied by LG Energy Solution to Lopal Tech also increased from 37 billion won last year to 137.7 billion won this year.
The expanded agreement appears aimed at supporting growing production of LFP batteries for North American ESS applications. LG Energy Solution has been producing JF2 LFP cells for ESS applications in North America since the second half of last year.
The company currently manufactures ESS batteries at four sites: Holland, Michigan; L-H Battery Company in Ohio; Ultium Cells in Tennessee; and NextStar Energy in Canada. An ESS production line at its Lansing, Michigan facility is also scheduled to begin operations later this year. LG Energy Solution plans to expand global ESS battery production capacity to more than 60 gigawatt-hours (GWh) by the end of this year, with North America accounting for more than 50 GWh.
As of the end of last year, LG Energy Solution had secured approximately 140 GWh of cumulative ESS battery orders worldwide. The company booked 90 GWh of new orders during 2025 and plans to exceed that figure this year. Its ESS customer base includes Tesla, Terra-Gen, Excelsior Energy Capital, EG4 Electronics and Hanwha Qcells.