Secondary battery material company Pino has successfully secured an additional precursor supply contract with Korea's leading cathode material manufacturer L&F.
On the 20th, Pino announced that it had signed a supply contract worth 4.2 billion KRW (2.94 million USD) with L&F for precursors, a key material for cathode active materials. With this contract, Pino has recorded a total of four contracts worth 11 billion KRW with L&F in the fourth quarter alone.
The two companies signed a memorandum of understanding (MOU) in September for the supply of nickel-cobalt-manganese (NCM) precursors. The total supply volume is approximately 60,000 tons by 2028, with plans to significantly increase supply starting next year.
A company representative stated, “Since signing the large-scale precursor supply MOU with L&F, continuous order volumes have been coming in,” adding, “The precursor supply contract amount in the fourth quarter alone reached 11 billion KRW, surpassing last year’s total sales of 7 billion KRW.”
They continued, “Despite our relatively short experience in the secondary battery materials business, this is proof that our customers recognize our stable procurement and supply capabilities for key materials, including precursors.”
Meanwhile, on the 16th, Pino acquired a 29% stake in CN&P New Materials Technology, a joint venture between Zhongwei New Materials (CNGR) and POSCO Future M, which produces precursors. Leveraging abundant investment capacity, Pino is expanding its business scope from secondary battery material distribution to precursor production, a core material for cathode active materials.
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