[Asia Economy Reporter Jang Hyowon] M Plus, a KOSDAQ company manufacturing automation equipment for secondary battery assembly processes (CEO Kim Jongsung), announced on the 20th that it has signed a supply contract worth $55.22 million (approximately 70.9 billion KRW) with the US company Our Next Energy (hereinafter ONE).
This amount corresponds to about 92.7% of M Plus's 2021 sales of 76.5 billion KRW, and the contract period extends until February 24, 2024. Starting with this contract, orders are expected to expand according to the investment plans of the client ONE.
The newly contracted US client ONE is a battery and battery pack manufacturer for electric vehicles and ESS, based in Michigan, USA, founded by EV industry veteran CEO Mujeeb Ijaz.
It is known to have developed and demonstrated a battery capable of driving 752 miles on a single charge last year, and as a rare US-based independent battery supplier in the American market, it is expected to grow rapidly with tremendous battery demand over the next 5 to 10 years.
ONE has attracted $220 million in investment from the state of Michigan and announced a $1.6 billion investment plan to build a 20 GWh scale LFP battery production plant by 2024.
An M Plus official stated, “Based on our turnkey equipment response capabilities, we have been steadily striving to diversify sales and products in Europe, North America, and other regions, achieving continuous growth with orders of 190 billion KRW in 2021 and 300 billion KRW in 2022. We expect orders in 2023 to surpass those of 2022. In particular, this contract is significant as it is the first mass production line order for a North American customer.”
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