Pino Signs 7.2 Billion KRW Precursor Supply Contract with L&F

Secondary battery material company Pino announced on the 19th that it has signed a supply contract worth 7.2 billion KRW for nickel-cobalt-manganese (NCM) precursors with L&F, a leading domestic cathode material manufacturer.

This contract is the largest single supply contract for precursors since entering the secondary battery material business. In particular, following a supply contract worth 5.4 billion KRW signed in January, Pino succeeded in securing a total of 15.1 billion KRW worth of NCM precursor orders in less than two months.

Precursors are key materials for secondary battery cathode materials that affect battery voltage and energy density. Since signing a memorandum of understanding (MOU) for NCM precursor supply with L&F in September last year, Pino has continued to secure supply contracts. To date, the total contract amount from seven supply agreements reaches 26.2 billion KRW.

A Pino representative stated, "With consecutive NCM precursor supply contracts this year, we have recorded orders amounting to 50% of last year’s annual sales within two months. Despite concerns about the secondary battery market, we expect remarkable growth this year based on our stable precursor supply capability and technological expertise."

Meanwhile, Pino’s sales last year reached 30.7 billion KRW, a 340% increase compared to the previous fiscal year. Operating profit also turned positive, achieving both explosive growth in scale and improved profitability since entering the new business.

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