Lopal Technology recently announced that Changzhou Lithium Source, a holding subsidiary of the company, signed a long-term supply agreement with LGES.
According to the agreement, Changzhou Lithium will sell a total of 160,000 tons of lithium iron phosphate cathode material products to LGES from 2024 to 2028. According to the current market ** estimate, the total amount of the agreement exceeds 7 billion yuan.
At the same time, the two sides also negotiated and determined the additional supply and marketing of 360,000 tons of lithium iron phosphate cathode material products from 2025 to 2028, and will confirm the final quantity before June 30 this year.
At present, lithium iron phosphate batteries have the advantages of safety, large capacity, discharge, fast charging, and low costIt is becoming an important development direction of power batteries in the futureLopal Technology has also entered the new track of lithium iron phosphate.
In 2021, Lopal Technology completed the merger and acquisition of beiteri's lithium iron phosphate cathode material business, and established a joint venture with beiteri to establish Changzhou Lithium Source, officially laying out the lithium iron phosphate cathode material business.
In the same year, Changzhou Lithium Source plans to invest in the establishment of a joint venture with Stellar in Indonesia, and invest in the development and construction of a lithium iron phosphate cathode material project with an annual output of 100,000 tons in IMIP.
In 2022, Changzhou Lithium Resources released a new spherical lithium iron phosphate product - "Lithium Iron No. 1", which improves the performance of lithium iron phosphate battery cathode materials in low temperature environments and significantly improves the charging rate.
In the same year, Sichuan Lithium Source put into operation the world's largest production capacity of the world's third-generation high-pressure lithium iron phosphate production line.
In 2023, Changzhou Lithium and LGES signed a Memorandum of Understanding (MoU) under which they plan to establish a new joint venture or use Indonesian Lithium Source as a joint venture to operate a cathode material plant in Indonesia.
In January this year, Changzhou Lithium announced that it intends to increase its capital and introduce investors, and CCB Financial Assets Investment intends to increase its capital to Changzhou Lithium with 100 million yuan in cash, and after the completion of the capital increase, the registered capital of Changzhou Lithium Source will increase to 73.5 billion yuan.
At present, Changzhou Lithium Source Company currently has five production bases, including Changzhou, Jiangsu, Xiangyang, Hubei, Suining, Sichuan, and Heze, ShandongThe annual production capacity of lithium iron phosphate cathode materials is 310,000 tons, and the planned annual production capacity is 600,000 tons.