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View of Geumyang Busan factory. (Photo = Geumyang) |
[Alpha Biz= Reporter Kim Jisun] On the 19th, KUM YANG announced that it has signed a contract to supply $1.72 billion (approximately 2.3 trillion KRW) worth of "2170 cylindrical batteries" to NanoTech Energy in the United States over the next six years.
The 2170 batteries will be supplied for use in energy storage systems (ESS), uninterruptible power supplies (UPS), and other applications. Once KUM YANG completes its second factory (Gijang Dream Factory #2) in Gijang-gun, Busan, by the end of this year, it will begin mass-producing 2170 batteries with an annual production capacity of 200 million cells starting in January next year. The company will also be capable of producing 100 million units of 4695 batteries annually by June next year.
The two companies have also agreed to jointly develop and produce next-generation batteries with fire suppression capabilities, aiming to target the global market.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
