RF Semi announced on the 1st that the payment for the 20 billion KRW third-party allotment capital increase to Jinpyeong Electronics has been completed. The new share issuance price is 4,249 KRW, and with this payment, Jinpyeong Electronics will become the largest shareholder of RF Semi.
The company stated, "We will accelerate our battery business together with Jinpyeong Electronics, the largest shareholder holding global patents related to lithium iron phosphate (LFP) batteries," adding, "We will utilize the funds secured through the capital increase to acquire the distribution rights of Jinpyeong Electronics' LFP batteries and carry out aggressive sales activities."
RF Semi plans to procure between 50 million and up to 100 million cells annually of 32,700-spec cylindrical LFP batteries from Sanxi Ranwan Jinpyeong New Energy Co., Ltd., an affiliate of Jinpyeong Electronics. To this end, an extraordinary general meeting of shareholders was held on the 22nd of last month to add business objectives such as battery import, development, manufacturing, and sales.
An RF Semi official emphasized, "We will expand our business scope from LFP battery sales to advanced packaging and ESS (energy storage system) sales in the future," and added, "As inquiries continue from various eco-friendly companies including secondary batteries, performance growth is expected."
RF Semi disclosed that last month it signed an LFP cell supply contract worth approximately 4 billion KRW with Myanmar's '24 Hour Mining & Industry.' The contract is considered an initial shipment, and there is a high possibility of leading to large-scale LFP cell supply.
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