Shinhwa IT Supplies Secondary Battery Materials for US AR Devices... MOU to Mass Production System Achievements

[Asia Economy Reporter Hyungsoo Park] Secondary battery material company Sinhwa IT is starting production and supply of high-performance lead tabs for metaverse augmented reality (AR) devices to a global secondary battery company in the United States. Following electric vehicles, Sinhwa IT is expanding its secondary battery material portfolio to metaverse AR devices.

Hansong Neotek announced on the 25th that its subsidiary Sinhwa IT has signed a Master Supply Agreement (MSA) with ENOVIX, a leading next-generation silicon battery company in the U.S., for the production of high-performance lead tabs.

In December last year, Sinhwa IT signed a strategic Memorandum of Understanding (MOU) with ENOVIX for the supply and development of secondary battery materials and has been developing high-performance lead tabs that meet ENOVIX's specifications. Recently, the lead tab specifications were finalized, and through the contract, mass production of high-performance lead tabs for metaverse AR devices will proceed.

Founded in 2007, ENOVIX produces small batteries with energy density up to twice that of lithium-ion batteries by using 100% silicon anodes instead of graphite. ENOVIX was listed on the Nasdaq market in July last year through a SPAC merger. Currently, ENOVIX's market capitalization approaches 2.7 trillion KRW.

A Hansong Neotek official stated, "Sinhwa IT plans to continuously expand its product portfolio in the secondary battery material field for electric vehicles (EV), energy storage systems (ESS), and metaverse (AR, VR) applications," adding, "Hansong Neotek will expand its business area into secondary battery process equipment based on its own semiconductor and display process technology."

He continued, "Sinhwa IT is actively conducting supply consultations and strategic MOUs with global next-generation battery companies," and added, "We expect additional orders to continue through spec-in processes tailored to various customer requirements, applying them to mass production."

On the 3rd, Sinhwa IT successfully signed a long-term supply contract with global electric vehicle battery manufacturer Enertech International, enabling stable supply of high-performance lead tabs to the Russian and European markets. Additionally, Sinhwa IT is smoothly negotiating lead tab supply with a U.S. lithium metal battery company for electric vehicles (EV) in which SK and Hyundai Kia Motors are shareholders.