MOU Signed with Global Graphene Material Company
To Develop and Produce Batteries with Fire Suppression Capability
A next-generation battery development and production project aimed at suppressing lithium battery fires will be launched in Busan.
Kumyang, headquartered in Busan, signed an MOU on the 20th to jointly develop and produce next-generation batteries with fire suppression capabilities in collaboration with a leading global company in the United States, targeting the global market.
Kumyang recently entered this future-oriented project after signing a supply contract on the 19th with the US-based NanoTech Energy (NanoTech), a developer and producer of lithium-ion secondary batteries utilizing graphene materials, for 1.72 billion USD worth of 2170 cylindrical batteries over six years.
For the MOU signing, Curtis Collar, COO of NanoTech Energy, visited Korea and inspected the soon-to-be-completed Dream Factory 2 in Gijang, which has an annual production capacity of 300 million cells.
On the same day, he visited Kumyang’s headquarters, which houses the battery R&D center, and signed the agreement with Kumyang Chairman Ryu Kwangji.
Mr. Curtis Collar, COO of Nanotec, and Kumyong Ryu Kwangji, Chairman (left), are shaking hands after signing the memorandum of understanding.
NanoTech, headquartered in Miami, Florida, is a global company specializing in the manufacturing and sales of secondary battery cells, based on its technological superiority as the only company to industrialize high-purity layered graphene. The company supplies graphene-based energy storage battery products.
The CEO is Jack Kavanaugh, and the company owns production lines for 18650 and 2170 cells in the United States. NanoTech’s single-layer graphene material is a world-first patented innovative material technology used in various applications such as non-combustible advanced lithium-ion batteries, transparent conductive electrodes, conductive ink, conductive epoxy, and anti-static coatings.
NanoTech stated, “There is a consensus to form an alliance (strategic partnership) to jointly develop and produce high-performance cylindrical batteries with strong fire suppression capabilities by combining our graphene material technology with Kumyang’s high-nickel 97% cathode material technology established through SMLab, providing insulation and fire resistance.”
Recently, due to the temporary demand slowdown (chasm) and battery fire phobia in the electric vehicle market, the demand for EV batteries has been decreasing. In this situation, Energy Storage Systems (ESS), which have been doubling in growth annually, and Uninterruptible Power Supply (UPS) systems are emerging as new business models and alternatives for battery manufacturers.
Kumyang and NanoTech, with production plants in both the US and Korea, are joining forces for the joint development of next-generation batteries based on their specialized technologies.
The two companies plan to combine their business capabilities to expand their business areas beyond electric vehicles to include ESS and UPS, thereby strengthening their competitiveness and securing a strategic partnership in the global battery market.
Jung Jusik, Head of Kumyang’s Technology Innovation Center, emphasized, “By fully utilizing NanoTech’s graphene material technology, Kumyang’s high-nickel 97% cathode material technology, and both companies’ mass production capabilities, we will expand our business areas not only in electric vehicles but also in ESS and UPS, and grow into a global battery company.”
Kumyang Chairman Ryu Kwangji said, “This MOU signing is recognition of the quality and stability of Kumyang’s products by a world-class company,” adding, “The new products developed through our cooperation will dominate not only the US market but also the global market.”
On the 20th, a memorandum of understanding signing ceremony between Geumyang and Nanotech is taking place.
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