Geumyang Collaborates with India's Reliance Infrastructure on Secondary Battery Cooperation

Bridgehead for Entry into Indian and Global Markets Including Lithium Mine Development

Geumyang announced on the 26th that it signed a Memorandum of Understanding (MOU) on secondary battery cooperation with the Indian company Reliance Infrastructure at its headquarters in Sasang-gu, Busan on the 24th. The signing ceremony was attended by Geumyang Chairman Ryu Gwang-ji and Reliance Infrastructure CEO Paas Sharma.

Ryu Gwang-ji, Chairman of Geumyang (left), signed a memorandum of understanding (MOU) on secondary battery cooperation with Pash Sharma, President of Reliance Infrastructure in India, at the headquarters in Sasang-gu, Busan on the 24th. (Photo by Geumyang)

The two companies plan to strengthen broad cooperation including secondary batteries, electric vehicles, and lithium mine development.

Reliance Infrastructure, led by Chairman Anil Ambani, is expanding investments in eco-friendly energy businesses such as secondary batteries and hydrogen. Anil Ambani, CEO of Reliance Infrastructure, is the second son of Dhirubhai Ambani, the founder of the giant Asian conglomerate Reliance Group, and leads the Indian market in the group's energy, telecommunications, and distribution sectors.

Reliance Infrastructure actively pursued this MOU to secure a leading position in future energy-related businesses driven by the expansion of electric vehicles in the Indian market, following Geumyang's success as the first domestic company to develop the 4695 battery.

Paas Sharma, CEO, visited the construction site of the Gijang Dream Factory #2, which is under construction with an annual production capacity of 300 million cells, and Geumyang’s secondary battery research and development (R&D) center on the 12th, personally checking research achievements and construction progress, reportedly expressing satisfaction.

Additionally, Reliance Infrastructure is developing lithium mines, a key mineral for secondary batteries, in northern India and included cooperation related to lithium mines in this MOU, anticipating collaboration with Geumyang, which is investing in lithium mines in the Democratic Republic of Congo and Mongolia.

As specific cooperation items, the two companies agreed to mutually cooperate in areas such as mutual investment related to cooperation fields, technology transfer and research and development, localization and logistics, supply chain establishment, talent development and exchange, and to make joint efforts to expand various cooperative activities between Korea and India.

Paas Sharma said, "We have been closely monitoring the 4695 battery made with Geumyang’s outstanding technology and judged that it is an excellent strategic partner to grow together in the Indian market," adding, "We will do our best to achieve concrete and substantial joint business results in the future."

Chairman Ryu Gwang-ji said, "We will accelerate our entry into global markets such as India through cooperation with the Reliance Group," and added, "We plan to focus company-wide efforts on improving convenience factors such as energy density, thermal safety, and charging time of secondary batteries, which are core to electric vehicles, while securing stable supplies of lithium, a key mineral."