Michigan State University spinoff XG Sciences Inc. has entered into a series of agreements with POSCO, a Korean corporation and one of the world’s largest steel producers, to create a strategic partnership for the advancement of graphene manufacturing and product development based on XG Sciences’ proprietary technologies.

XG Sciences, a private company headquartered in Lansing, manufactures xGnP graphene nanoplatelets, an inexpensive material that can be used to improve the strength and performance properties of materials ranging from plastics to electronic components and batteries.

READ MORE: Third Stimulus Check: Will Your Next Relief Payment Be $1,400?

Under the agreements, POSCO will purchase a 20 percent share of XG Sciences, and will obtain production licenses to manufacture and sell xGnP graphene nanoplatelets. The two companies will also collaborate on product development for energy storage, advanced materials and electronics product applications.

READ MORE: Michigan Reports 1,526 New COVID-19 Cases, 37 Deaths Friday

“We are honored that POSCO chose XG Sciences as a partner to help expand their offerings in advanced materials,” said Michael Knox, CEO of XG Sciences. “POSCO is one of the top materials companies in the world. Our partnership will benefit both companies; POSCO will obtain the best technology in our field and we will expand our worldwide capabilities. Together with our other strategic partner in Asia, Hanwha Chemical, our relationship with POSCO will enable us to work closely with some of the top electronics, automotive and manufacturing companies in the Asian region and will provide our customers with a source for locally manufactured graphene products in Asia.”

When XG Sciences’ products were first introduced in late 2007, they received a Nano 50 Award from NanoTech Briefs, an online magazine that explores engineering achievements in nanotechnology and microelectromechanical systems. The Nano 50 awards recognize the top 50 technologies, products and innovators that have made, or are expected to make, a significant impact in the nanotechnology industry. XG Sciences was also recognized by Frost & Sullivan, a growth partnership company, with a 2009 North American Product Innovation Award. For more information about XG Sciences visit: www.xgsciences.com

MORE NEWS: Stimulus Check Update: Are Relief Payments Bad For The Economy?

POSCO, in addition to being one of the world’s largest steel producers, operates a worldwide network of subsidiaries in energy, construction, logistics, mining and materials markets. POSCO was recently named the most admired company in its category in the annual Fortune magazine survey, and it recently announced a planned $30 billion capital investment program as part of an expansion in its overseas operations.