Geumyang Receives Order for '21700 Cylindrical Secondary Battery' from US Nanotech

Geumyang announced on the 4th that it has received a purchase order (PO) worth $57.9 million (81.1 billion KRW) for cylindrical batteries (21700) from Nanotech Energy in the United States. This PO is part of a 2.3 trillion KRW cylindrical battery distribution and supply contract signed by Geumyang last September, and it represents the confirmed portion for next year within the total six-year contract period.

The supplied product is the '21700-50E cylindrical battery.' The quantity is not disclosed due to the counterpart's request. Delivery schedules are as follows: the first batch by the end of April next year, the second by the end of July, the third by the end of October, and the fourth by the end of December. The applicable products include UPS (Uninterruptible Power Supply) and ESS (Energy Storage System), among others.

Geumyang stated, "Our cylindrical batteries have excellent versatility and cost-effectiveness, making them competitive for various fields including electric vehicles, drones, defense equipment, and ESS." They added, "The 21700 cylindrical battery order from Nanotech Energy is expected to be primarily applied to UPS devices, which show continuous growth potential."

Market research firm Intellectual Market Insights projected that the global UPS market size will reach $15.65 billion (approximately 21.57 trillion KRW) by 2028. UPS is currently gaining increased importance worldwide due to the spread of AI (Artificial Intelligence).

Geumyang said, "This order is significant as it allows us to widely promote Geumyang's battery technology in the United States, the center of the global market." They also stated, "All employees will diligently fulfill the scheduled delivery by promptly completing the construction of the Gijang Dream Factory 2 and early operation of the mass production system."