RF Semi announced on the 13th that its affiliate, Shanxi Ranwan Jinping Manufacturing Corporation, has started producing lithium iron phosphate (LFP) batteries to supply RF Semi.
Shanxi Ranwan Jinping is a manufacturer of cylindrical 32700 standard LFP batteries with high-rate characteristics. In April, it signed a license transfer agreement for lithium iron phosphate batteries with Jinping Electronics, which became the largest shareholder of RF Semi, agreeing to supply a minimum of 50 million cells and up to 100 million cells annually. Last month, RF Semi acquired the LFP battery license from Jinping Electronics.
The company explained that to prepare for mass production, Park Kwanghee, president of RF Semi, visited the factory in China to inspect the facilities and verify performance. President Park is a battery expert who joined Sebang Battery in 1994 and served as CEO until 2015.
The LFP batteries of Shanxi Ranwan Jinping were developed and mass-produced by a Korean technical team led by CEO Jae-yong Jin of Jinping Electronics and Development Director Jaeseok Kim. Currently, they are actively marketing to potential domestic and international customers through RF Semi.
An RF Semi official stated, "We expect actual battery sales to occur in the second half of the year," adding, "We will increase market share in the global market by promoting Made in Korea products."
He continued, "We are also planning to establish our own domestic battery packaging factory and internally anticipate a quantum leap in performance," emphasizing, "We will strive to develop additional new technologies and launch high-performance LFP batteries."
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