Zaigle Advances Development of Additional Upgraded Large-Capacity LFP Battery Products

Zaigle announced on the 7th that it is proceeding with the development of secondary battery plant-related products as planned to materialize its LFP (Lithium Iron Phosphate) battery business.

After acquiring pure domestic LFP battery manufacturing research technology at the end of last year, Zaigle has been continuously improving mass production-related technologies centered on Kim Young-dae, CTO, an expert in mass production and quality. Currently, it has completed an in-kind contribution to its U.S. subsidiary, "Zaicell," and is undergoing organizational restructuring of the business division, recruiting industry experts, and strengthening LFP-related technological capabilities. The company is advancing the development of high-performance, high-efficiency related products as planned and will proceed with stabilization and certification work as soon as they are completed.

Zaigle reiterated that the withdrawal of the paid-in capital increase last month does not adversely affect business promotion. It has already stated that the company does not lack operating funds and there is no urgent need to repay loans for the Pyeongtaek plant. This is because forcibly attracting investment through measures such as repricing reflecting the recently lowered stock price would not be beneficial.

Additionally, Zaigle emphasized that the in-kind contribution value to Zaicell was re-evaluated based on assessments by appraisal and accounting firms, as disclosed in the public announcement. The equity contribution was completed in accordance with U.S. law, and the in-kind valuation report was submitted to domestic institutions. In November, the company’s external audit firm conducted an on-site audit of the U.S. local subsidiary.

A Zaigle official stated, "Materializing the LFP battery business requires a long period for product development and production facility setup, so we are proceeding step-by-step and in parallel. Not only are product development and quality verification progressing as planned, but marketing preparations such as business agreements with partner companies and website renewal are also being carried out sequentially."

He added, "We plan to actively promote the establishment of a joint venture battery factory in the U.S. in the first half of next year and our own battery plant business. We are confident that the high-capacity LFP batteries we will develop ourselves will become a future growth engine."

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