Phil Energy Supplies Secondary Battery Equipment to Morrow... "Full-Scale Entry into the European Market"

Phil Energy announced on the 6th that it has supplied laser notching equipment to the Nordic electric vehicle battery company Morrow Batteries. With this equipment supply, the company plans to actively enter the European market and pursue business diversification.

A representative from Phil Energy stated, “We received an order for laser notching equipment from Morrow last year and recently shipped it. The equipment supplied this time is scheduled to be installed on the pilot line,” adding, “Since the product’s excellence has already been thoroughly verified through the customer's preliminary inspection, we expect orders to continue through to the mass production line.”

Morrow is a company invested in by Agdel Energy Venture, a subsidiary of Statkraft, Norway’s largest power company, and Denmark’s pension fund PKA. They are constructing a battery factory in the Arendal region with an annual production capacity of 42GWh, capable of supplying high-performance batteries for approximately 700,000 electric vehicles. The laser notching equipment supplied by Phil Energy will first be applied to the pilot line, which is estimated to have a capacity of around 1GWh. It is expected that orders will likely extend to the mass production line in the future.

Meanwhile, the new business announced by Phil Energy at the time of its initial public offering (IPO) is also progressing smoothly. The winding equipment for manufacturing 4680 batteries (cylindrical batteries with a diameter of 46mm and length of 80mm), which are emerging as a trend in the battery market, has completed development and sample supplies are underway. Equipment demonstrations are currently being held for potential customers in Europe and the United States to showcase its excellence. Orders for the winding equipment are expected as early as the beginning of next year.

In addition, Phil Energy is preparing equipment for electrode plate manufacturing, which is not part of the assembly process. As a new business, they are developing laser application equipment for electrode plate manufacturing in collaboration with leading global companies. This technology, which can replace the current coating method, is expected to drive mid- to long-term growth.

Phil Energy has already received new orders worth 250 billion KRW this year. Additional orders are anticipated depending on customers’ investment plans, making not only the achievement of maximum orders but also sales growth next year more visible. To respond to this, they are accelerating the expansion of their second factory. Along with the core supply of stat integrated equipment, they have set a sales target of 700 billion KRW by 2027 through customer diversification centered on laser and 4680 winding equipment. The entry into the European market and the development of new equipment are expected to serve as stepping stones to achieving these goals.