Sumitomo Metal Mining Co., Ltd (S19.F,5713.T) and Japanese auto major Toyota Motor Corp. (7203.T,TYT.L,TM) on Wednesday announced a joint development agreement for the mass production of cathode materials for all-solid-state batteries to be installed in battery electric vehicles, or BEVs.
All-solid-state batteries, a next-generation battery technology, offer a smaller size, higher output, and longer life compared to current liquid-based batteries that utilise electrolyte solutions.
Both companies will continue to develop various areas including improving the performance, quality, and safety of cathode materials for these batteries, and to reduce costs for mass production.
The firms said they aim to achieve the practical application of all-solid-state batteries in BEVs, thereby contributing to the creation of a carbon-neutral society.
The companies expect the deal to advance growth in both firms, as Toyota aims for a market launch of BEVs with all-solid-state batteries in 2027-2028.
Since 2021, Sumitomo Metal Mining and Toyota have been collaborating on joint research into cathode materials for all-solid-state batteries, addressing challenges such as cathode material degradation during repeated charging and discharging cycles.
Using Sumitomo Metal Mining's proprietary powder synthesis technology, the two companies have now developed a highly durable cathode material suitable for all-solid-state batteries.
In the Tokyo market, the Sumitomo shares were trading 5.19% higher at 5,130 Japanese Yen, and Toyota shares were trading 0.30% lower at 3,013 Japanese Yen.
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