Cellumed Expands Replaceable Secondary Battery Platform for Electric Vehicles through Official Contract with BYD

Cellumed plans to secure new growth momentum on the global stage by expanding its swappable secondary battery platform from two-wheelers to electric vehicles and ships, in partnership with BYD, the world's No. 1 electric vehicle company.

On the 2nd, Cellumed announced that following the main contract signed last week with global company BYD for the development and exclusive supply of electric two-wheelers and swappable battery packs, it has begun preparations for the development of related products and exclusive global distribution, including Southeast Asia.

The company explained that this not only resolved market uncertainties regarding the main contract related to the secondary battery business but also put the cooperative relationship with BYD on track, with visible business results expected.

A company representative stated, “Although this main contract is a significant agreement securing not only global competitiveness but also exclusive sales rights, it is regrettable that the company's value has not been properly reflected due to recent stock market instability and distrust. We will accelerate performance growth through rapid business development and results, maximizing corporate value.”

Cellumed decided in 2021 to make the swappable secondary battery platform business a new growth engine and has been focusing its capabilities on long-term preparation. To strengthen technological competitiveness, it secured core patented technologies and established strategic partnerships with domestic and international partners, including BYD.

At the end of last year, the government established the world's first national standard for swappable batteries for electric two-wheelers, laying an institutional foundation for expanding the domestic market. Recently, measures to expand subsidies for swappable battery electric two-wheelers have been prepared, providing institutional support for explosive growth in the domestic market.

Since last month, some local governments nationwide, including Seoul City, have been accepting subsidy applications to expand electric two-wheelers. In particular, Seoul City plans to provide about 60% subsidies when only the vehicle body is purchased and the battery sharing service is utilized.

Kang Yong-joo, Vice President of Cellumed, emphasized, “As rapid growth is expected in the domestic swappable secondary battery market, we plan to build a consortium with major companies in various fields for swift response. We are accelerating consultations with local governments to establish battery mass production plants and facilities, and are also stepping up preparations for global market entry.”

Starting with electric two-wheelers, Cellumed plans to expand its swappable secondary battery platform to modified electric vehicles, ships, and drones. Furthermore, after securing the domestic swappable electric two-wheeler market, it is currently negotiating with leading local companies in Vietnam, Indonesia, and other global markets, with plans to sign MOUs soon.