Cellumed Signs Main Contract with BYD for Electric Two-Wheelers and Secondary Battery Packs Development

Published 28 Apr.2023 15:07(KST)

Cellumed announced on the 28th that it has signed a contract with Chinese electric vehicle company BYD for product development, domestic certification, and sales of electric two-wheelers and swappable secondary battery packs.

The contract includes ▲ joint development, mass production, and sales of swappable electric two-wheelers and battery packs ▲ securing exclusive domestic and global sales rights for the developed products ▲ securing intellectual property (IP) rights related to product development and mass production.

The two companies have finalized the detailed specifications for the swappable electric two-wheelers and battery packs. They will begin the detailed design of the Battery Swap Station (BSS) based on the development of the swappable battery platform.

Since 2021, Cellumed has been promoting the swappable secondary battery platform business as a new venture. To strengthen technological competitiveness in this new business, it has secured core patented technologies and recruited external experts. It has also established strategic partnerships with domestic and international partners.

A Cellumed representative stated, "It took some time to conduct a multifaceted analysis of the current status, prospects, and regulatory environment of the domestic electric two-wheeler and swappable battery market, and to formulate strategies based on this." He added, "Because this contract was signed after sufficient strategic consultations, we are confident in the successful launch of the product and the success of the business."

Kang Yongju, Vice President of Cellumed, introduced, "Since we have signed this contract with our top partner BYD, we plan to build a consortium with specialized companies in various fields to establish the swappable battery platform aiming to capture the global market." He also said, "We will select the site for the battery mass production plant and facilities soon through consultations with local governments."

He continued, "We are accelerating product development according to the Korean KS standards," emphasizing, "We are preparing to obtain government approval within this year as a market leader."