[Special Stock] Geumyang Rises 14% on News of Large-Scale Secondary Battery Supply Contract

Secondary battery company Geumyang is rising more than 14% on news that it has signed a large-scale secondary battery supply contract with US-based Nanotech Energy.

As of 9:29 AM on the 20th, Geumyang is trading at 57,100 KRW, up 14.56% (7,350 KRW) from the previous trading day.

After the market closed the previous day, Geumyang announced that it had signed a contract to supply $1.72 billion (approximately 2.3 trillion KRW) worth of secondary battery '2170 batteries' to US-based Nanotech Energy for six years starting next year.

Geumyang explained that through this contract, it has been designated as the exclusive distributor of 2170 cylindrical batteries (photo) in the US and granted exclusive rights to resell to customers within the designated area.