Geumyang to Collaborate with US Nanotech on Next-Generation Battery Development

Following the 2.3 Trillion Supply Contract, Cooperation Expands

Geumyang is set to jointly develop next-generation batteries following its signing of a supply contract worth 2.3 trillion KRW for cylindrical batteries with a U.S. secondary battery developer.

On the 20th, Geumyang announced that it had signed a memorandum of understanding (MOU) with U.S. secondary battery company Nanotech Energy to jointly develop and produce next-generation batteries with fire suppression capabilities and to establish a joint venture (JV) in the United States.

Ryu Gwang-ji, Chairman of Geumyang (left), signed a memorandum of understanding (MOU) for next-generation battery development with Curtis Kola, Chief Operating Officer (COO) of Nanotech, at Geumyang headquarters on the 20th. (Photo by Geumyang)

Curtis Kola, Chief Operating Officer (COO) of Nanotech, visited Korea on the same day to inspect the Gijang Dream Factory 2 site, which is nearing completion with an annual production capacity of 300 million cells. He also visited Geumyang headquarters, which houses the Geumyang Battery R&D Center, and signed the agreement with Geumyang Chairman Ryu Kwang-ji.

Nanotech, headquartered in Miami, Florida, is a company specializing in the manufacturing and sales of secondary battery cells based on technology industrializing high-purity layered graphene. It operates production lines for 18650 and 2170 cells in the United States. Nanotech’s single-layer graphene material is an innovative material technology that obtained the world’s first patent and is used in various applications such as non-combustible premium lithium-ion batteries, transparent conductive electrodes, conductive inks, conductive epoxies, and anti-static coatings.

Nanotech stated, "We reached a consensus to build an alliance (strategic partnership) to jointly develop and produce high-performance cylindrical batteries with strong fire suppression capabilities, such as insulation and fire resistance, by combining Nanotech’s graphene material technology with Geumyang’s high-nickel 97% cathode material technology developed through SMLab."

With production plants in both the U.S. and Korea, the two companies will proceed with joint development of next-generation batteries through this technological partnership, expanding their business scope not only in their main field of electric vehicles but also in energy storage systems (ESS), uninterruptible power supplies (UPS), and defense applications.

Previously, on the 18th, Geumyang and Nanotech signed a 6-year supply contract worth 1.72 billion USD (approximately 2.3 trillion KRW) for 2170 cylindrical batteries.

Jung Ju-sik, Head of Geumyang’s Technology Innovation Center, said, "By actively utilizing Nanotech’s graphene material technology, Geumyang’s secured high-nickel 97% cathode material technology, and both companies’ battery mass production capabilities, we have been able to expand our business areas," adding, "This marks a milestone for us to grow into a global battery company."