Geumyang Signs First Overseas Supply Contract for 4695 Battery

Chairman Ryu Kwang-ji of Geumyang and CEO Kalaf of Saudi GCC LAB are taking a commemorative photo after signing the agreement. Photo by Geumyang.

Geumyang announced on the 12th that it has laid an important foundation for battery standardization in Saudi Arabia and Gulf region countries by signing its first overseas supply contract for the 4695 battery.

Following the contract signed on the 6th to supply 21700 cylindrical batteries to the Korean electric bus market, Geumyang has now signed a supply and maintenance contract for 4695 battery modules with the Saudi GCC (Gulf Cooperation Council) Lab, established a joint venture, and entered into a technical cooperation agreement for next-generation battery research and development.

This contract includes the supply of 4695 batteries worth approximately 137.6 billion KRW (40% of the total contract amount) over six years from 2025 to 2030. The Saudi GCC Lab, with which the agreement was made, is a research institute established by Aramco’s subsidiary with investments from PIF (Public Investment Fund) and SEC (Saudi Electricity Company).

Located in Dammam, this research center spans 170,000 square meters and has received an investment of 1 billion Saudi Riyals to develop innovative solutions for the energy industry and support national policies. It serves as a key partner in the Saudi government’s Vision 2030 and NEOM projects, leading the future of the energy industry through global technological cooperation.

The main contents of the contract signed by Geumyang include ▲ ESS module supplementation (replacement of existing modules) and maintenance ▲ establishment of laboratories and R&D centers related to next-generation secondary battery technology ▲ design, construction, and fully automated operation of battery packaging manufacturing facilities ▲ joint development and production of drone application battery packs ▲ provision of EV charging business services.

Geumyang expects this contract to serve as an opportunity to secure institutional and technical advantages that will become the standard battery criteria for Saudi Arabia and Gulf region countries. Furthermore, having established a foothold in Saudi Arabia and the Gulf region, it anticipates conducting joint investments and collaborative projects with various institutions and energy companies in the Middle East, thereby creating a bridgehead for global market expansion.

A Geumyang representative stated, “The battery supply contract with Saudi Arabia will evolve Geumyang’s battery technology to supply next-generation secondary batteries that meet all safety requirements,” adding, “Geumyang will do its utmost to become the GULF Battery Standard as an innovative company leading the secondary battery market.”

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