RFsemi Signs 4 Billion KRW LFP Cell Supply Contract... New Business Performance Accelerates

RF Semi is showing tangible results by signing a supply contract in the secondary battery business sector it newly entered.

On the 22nd, RF Semi announced that it had signed a supply contract worth approximately 4 billion KRW for lithium iron phosphate battery (LFP) cell products with Myanmar's 24 Hour Mining & Industry.

Established in 2005, this company is an affiliate of the 24 Hour Group and operates various businesses. It owns two Myanmar-based airlines (MAI, Air KBZ) and recorded sales of about 214 million USD (approximately 280 billion KRW) last year through palm oil plantations (Atro Agro), power business, tourism business (Tour 24), petroleum business (24 Petroleum), and mining business.

The company stated, "The 24 Hour Group, which is entering various eco-friendly energy businesses including renewable energy using palm oil, purchased batteries from RF Semi, which has technological competitiveness. This contract is for the initial quantity, and there is a high possibility of expanding to large-scale LFP cell supply in the future."

An RF Semi official said, "We will provide high-quality LFP cells to global customers with differentiated products and technological competitiveness. The fact that the first purchase contract is for overseas delivery means that there is high interest in RF Semi's activities not only in the domestic market but also globally."

He added, "With the new business performance beginning to materialize, significant growth in performance is expected this year."

Meanwhile, on the 18th, RF Semi successfully concluded 'Battery Day 2023,' which it participated in together with Jinpyeong Electronics, which is set to become the largest shareholder. Jinpyeong Electronics and RF Semi plan to expand their business areas from LFP battery cell sales to advanced packaging and ESS (Energy Storage System) sales.

The event's speaker was Kim Jaeseok, Chief Technology Officer of Jinpyeong Electronics, who received many questions and attention even after the lecture ended. Mr. Kim is scheduled to be appointed as a director of RF Semi at the extraordinary general meeting of shareholders held today.

This content was produced with the assistance of AI translation services.