Cellumed to Fully Launch Electric Vehicle Business with BYD... Expanding Swappable Secondary Battery Platform

Cellumed is expanding its swappable secondary battery platform to electric vehicles and ships following its involvement with electric two-wheelers and the electric vehicle company BYD.

Cellumed announced on the 2nd that it has signed a formal contract with BYD and has begun preparations for the development of related products and exclusive global distribution, including Southeast Asia.

Cellumed explained that the formal contract has resolved uncertainties related to the secondary battery business.

A company representative said, "This is a significant contract securing not only global competitiveness but also exclusive sales rights," adding, "It is unfortunate that the company's value has not been properly reflected due to stock market instability and distrust." He continued, "Through rapid business development and results, performance improvement will accelerate," and "We will maximize corporate value."

In 2021, Cellumed chose the swappable secondary battery platform business as a new growth engine for the company. They have focused their capabilities and prepared for a long time. To strengthen technological competitiveness, they secured core patented technologies and established strategic partnerships with domestic and international partners, including BYD.

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

Kang Yong-ju, Vice President of Cellumed, said, "As rapid growth is expected in the domestic swappable secondary battery market, we plan to respond quickly by forming consortia with major companies in each sector," and "We are accelerating consultations with local governments to build battery mass production plants and facilities." He emphasized, "We 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, they are negotiating with leading local companies in global markets such as Vietnam and Indonesia. They plan to sign an MOU soon.