The Battery Market Has Flipped: ESS Saves Korean Batteries — Cells, Materials, and Equipment All Rise / When Will POSCO Future M's LFP Cathode Material Boom Erupt?

Summary

Yoon Seok-cheon argues that the battery market has flipped from EVs to energy storage systems, with North American ESS demand set to exceed EV battery demand and U.S. and EU rules pushing non-China orders toward Korean battery makers. He details POSCO Future M's LFP cathode contract and the shortage logic in LFP cathode materials, expects lithium to bottom and rise, and sees Korean cells, materials, and equipment all benefiting. He also compares LG Energy Solution and Samsung SDI, highlighting capacity versus financial strength and prismatic technology.

• U.S. and EU restrictions on Chinese batteries are reallocating demand to Korean battery makers.
• North American ESS battery demand is expected to surpass EV battery demand this year and next, including premium AI data center ESS.
• POSCO Future M's LFP cathode contract is seen as evidence of a structural non-China LFP cathode shortage.
• Lithium prices are expected to bottom near $22/kg and trend upward on falling inventories and strong demand.
• Korea's production tax credit and renewable energy buildout should boost domestic battery cell output.
• Battery materials and equipment suppliers are expected to see trickle-down benefits once cell shortages lead to expansion.
• LG Energy Solution is favored for capacity, while Samsung SDI is distinguished by financial strength and prismatic batteries.