[Asia Economy Reporter Jang Hyowon] M Plus is showing strong performance with a contract worth 70.9 billion KRW. The contracting party, Our Next Energy (ONE), has received investments from BMW and the Bill Gates Innovation Fund, and is currently known to be promoting the establishment of an electric vehicle battery production plant under large-scale support from the U.S. government.
As of 9:41 AM on the 21st, M Plus is trading at 12,590 KRW, up 6.24% from the previous trading day.
On the 20th, M Plus announced that it signed a supply contract with ONE, a North American battery startup. The contract amount is approximately 70.9 billion KRW, and the contract period is until February 24, 2024.
ONE was founded by a former leader of Apple’s autonomous vehicle ‘Titan’ project. It is currently known to be promoting the establishment of the ‘ONE Circle Factory,’ a battery production plant in Michigan capable of producing batteries for 200,000 electric vehicles, under large-scale support from the U.S. government.
Previously, ONE developed the ‘Gemini Dual Chemistry Battery,’ which is installed in BMW’s electric vehicle iX and enables a maximum driving range of 965 km, and signed a contract to use it in the iX prototype version.
According to industry sources, ONE’s secondary batteries for electric vehicles are evaluated as having succeeded in driving range innovation. The prototype battery developed last year was installed in the Tesla Model S and attracted industry attention by achieving a driving range of 1,200 km on a single charge. ONE is also known as a representative beneficiary of the U.S. government’s Inflation Reduction Act (IRA).
Meanwhile, an M Plus official explained, “Based on our equipment turnkey response capabilities, we are achieving continuous growth, and orders exceeding last year are expected this year.” They added that starting with this contract, orders are expected to expand according to the investment plans of their client, ONE.
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