Cowintech Signs 36.8 Billion KRW Contract with Global Major Company

Securing Orders with Competitive Smart Factory Technology Specialized in Secondary Batteries

[Asia Economy Reporter Kwangho Lee] Cowintech, a leading company in secondary battery automation systems, announced on the 24th through a public disclosure that it has signed a supply contract worth 36.8 billion KRW with a global major corporation. This amount corresponds to 34.6% of last year's sales. The contracting party will be withheld until the contract ends due to confidentiality agreements.

Following large-scale supply contracts with global battery companies in the first half of this year, Cowintech continues to secure contracts in the second half as well. Although competition among secondary battery equipment companies is intensifying alongside the growth of the secondary battery industry, Cowintech is expanding its presence in the global secondary battery market with automation equipment specialized in the pre-process of secondary batteries and its expertise in secondary battery smart factory technology.

A Cowintech official stated, “The recognition of our technology by clients through the development of smart automated equipment for secondary battery processes is considered a key factor in continuously securing orders,” adding, “To maintain a friendly cooperative relationship with clients, we are developing new smart automated equipment incorporating advanced technologies such as SLAM (Simultaneous Localization and Mapping), predictive maintenance solutions, and process data monitoring, and we expect the scale of future orders to expand further.”

Recently, with the passage of the Inflation Reduction Act (IRA) in the United States, the importance of battery production within the U.S. has increased, leading to expanded new investments by joint ventures between automakers and battery companies. Additionally, new battery companies in Europe are known to prefer Korean equipment manufacturers with proven technology and delivery references, so the number of overseas clients in the U.S. and Europe is expected to grow. In response, Cowintech stated that it will strive to capture both sales growth and profitability improvement by expanding orders not only for new contracts and large projects in North America and Europe but also focusing on qualitative growth.

Meanwhile, Cowintech’s subsidiary, Top Material, was listed on the KOSDAQ market on October 18. Top Material plans to secure new growth engines in the secondary battery materials business using the funds raised from the public offering, and this listing is expected to create positive synergy for Cowintech’s business expansion.

Cowintech announced that it will utilize Top Material’s overseas battery customer network to expand new customer acquisition and orders for gigafactory expansion lines, and in the mid to long term, it aims to leap forward as a total solution company for secondary battery materials and equipment based on the secondary battery materials business.