Secondary battery material company Pino is acquiring shares of C&P Shinsojae Technology (hereinafter C&P Shinsojae) and expanding its business to precursor production.
On the 17th, Pino announced that it will acquire a 29% stake in C&P Shinsojae from CNGR Hong Kong Hongchuang New Energy, a Hong Kong subsidiary of CNGR (Zhongwei New Materials). The total acquisition amount is 13 billion KRW.
C&P Shinsojae was jointly established by the global number one precursor company CNGR and secondary battery material company POSCO Future M with respective shareholdings of 80% and 20% to produce precursors. Currently, it is constructing a nickel-cobalt-manganese (NCM) precursor production plant with an annual capacity of 110,000 tons in the Yeongilman 4 Industrial Complex, Pohang-si, Gyeongsangbuk-do.
Precursors are the main raw materials for secondary battery cathode materials and are key components that determine battery performance and price. However, most are imported, making it a representative secondary battery material that requires securing domestic production facilities to stabilize the supply chain.
A company official stated, "With the acquisition of shares in C&P Shinsojae, we will actively enter the production sector following the distribution and sales of precursors and secondary battery materials. We are also considering expanding our stake through additional investment in line with the construction progress of C&P Shinsojae's Yeongilman production plant."
Meanwhile, Pino is rapidly producing results after deciding to enter the secondary battery material business. In September, it signed a business agreement with L&F, a leading domestic cathode material manufacturer, for the supply of 60,000 tons of NCM precursors, and within a short period, it also signed two supply contracts totaling 4.4 billion KRW.
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