[Asia Economy Reporter Jang Hyowon] Shinhwa IT, a subsidiary specializing in secondary battery materials under Hansong Neotec, has achieved consecutive order successes following the expansion of its production line. On the 10th, Shinhwa IT announced that it signed two contracts to supply high-performance lead tabs for secondary batteries worth a total of 6.5 billion KRW to the secondary battery development company ‘Greenergy’ and a domestic battery manufacturer.
Shinhwa IT signed a long-term contract to supply Greenergy with high-performance lead tabs worth approximately 4.7 billion KRW over three years. Greenergy, a secondary battery specialist, has independently developed a ‘Lithium Titanate Oxide (LTO) battery’ that addresses the shortcomings of lead-acid and lithium batteries, and is the only domestic producer mass-producing pouch-type LTO batteries.
Greenergy’s LTO battery replaces graphite, used as the anode material in secondary batteries, with LTO, offering a lifespan more than 10 times longer than conventional lithium-ion batteries. Its output performance is 10C (Capacity), more than three times higher than typical secondary batteries (3C), and its charging speed is about 10 times faster.
Starting with automotive lead-acid batteries, Greenergy is expanding its market to apply LTO batteries in various fields such as military vehicles, railway heavy equipment, and ships, aiming to achieve annual sales of 100 billion KRW by 2025.
Recently, Greenergy received an Innovation Award at ‘CES 2023,’ the world’s largest consumer electronics and information technology international exhibition held in the United States, for its self-developed ‘Lithium-ion Starter Battery,’ recognizing its technological capabilities related to secondary batteries.
Additionally, Shinhwa IT signed a contract to supply lead tabs worth 1.8 billion KRW with the Korean subsidiary of the top U.S. solar inverter solution company listed on NASDAQ. This contract covers the initial quantity of high-performance lead tabs for secondary batteries to be used in the first half of this year. The company explained that since the gigawatt-hour (GWh)-scale factory of the said company has recently started full-scale operation, further expansion of supply volume is expected.
A Hansong Neotec official stated, “Besides these two contracts, Shinhwa IT has recently signed multiple supply contracts,” adding, “Currently, active negotiations are underway with domestic and international global battery companies for supplying next-generation high-performance lead tabs, so the secondary battery materials business is expected to get on track soon.”
He continued, “As the secondary battery market expands, investment and mass production plans of domestic and foreign battery companies are becoming concrete. To respond quickly to these market trends, we are conducting technical development consultations with global next-generation battery companies,” adding, “Due to increased battery capacity and performance improvements, additional demand for high-performance, high-capacity lead tabs is surging, and it is expected to lead to full-scale order expansion in the future.”
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