Jungang D&M Signs 6 Billion KRW Lithium Salt Supply Contract... "Securing Growth Momentum for New Business"
On the 17th, Jungang D&M announced plans to accelerate its performance growth by signing a lithium salt supply contract worth 6 billion KRW with Enchem. In particular, considering Enchem's global electrolyte production plans, the company expects annual sales of approximately 100 billion KRW.
Jungang D&M held a groundbreaking ceremony for its Saemangeum lithium salt production plant on the 2nd, signaling its entry into new business ventures. This supply contract was signed to stabilize its business in the secondary battery market before the lithium salt plant is completed and to improve the company's management performance.
Especially as many companies have announced plans to pursue new secondary battery businesses this year, Jungang D&M explained that this supply contract disclosure provides an opportunity to reaffirm the sincerity of its business to the market.
A Jungang D&M representative stated, “With this supply contract, Jungang D&M is being recognized in the industry as having secured a full-fledged growth momentum,” and added, “We will first proceed with the distribution business before the lithium salt plant becomes operational, building know-how and business networks related to the lithium salt business.”
He continued, “When calculating lithium salt demand based on Enchem's production plans, annual sales of about 100 billion KRW are expected,” adding, “We will make every preparation to enable swift business operations from the start of production at the Saemangeum lithium salt plant.”
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Meanwhile, according to energy-specialized market research firm SNE Research, global lithium salt demand is expected to surge from 115,000 tons last year to 400,000 tons by 2030. In response, Jungang D&M plans to secure an annual production capacity of 10,000 tons of lithium salt through IDEL by the end of next year and to establish production facilities with a total capacity of 50,000 tons by 2026.
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