3M has announced that it has entered into a licensing agreement with LG Chem, a South Korean chemicals company, for the use of its lithium-ion battery patents.

Under the terms of the agreement, LG Chem will be able to use 3M's patents for the production of lithium-ion batteries for electric vehicles. This is the first time that 3M has licensed its lithium-ion battery patents to a third party.

3M's lithium-ion battery patents are based on its nanomaterials technology, which it has been developing for over a decade. The company says that the agreement with LG Chem will enable it to continue to invest in the research and development of new nanomaterials.

LG Chem is a leading manufacturer of lithium-ion batteries, and has supplied batteries for electric vehicles from major automakers such as General Motors and Renault-Nissan. The company has also been working on developing its own electric vehicle, the LG Chem car, which is expected to launch in South Korea later this year.

The agreement with 3M is part of LG Chem's strategy to secure a stable supply of critical materials for its lithium-ion batteries. The company has already signed agreements with other companies for the supply of lithium, cobalt, and manganese.