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Photo: POSCO Future M |
[Alpha Biz= Kim Jisun] POSCO Future M announced on March 16 that it has signed a KRW 1 trillion ($1 billion) supply agreement to provide artificial graphite anode materials for secondary batteries to a global automaker.
The contract will run from 2027 through 2032 and includes a clause allowing the supply period to be extended through mutual agreement between the parties.
POSCO Future M said it will withhold the identity of the contracting partner until the end of the contract period due to confidentiality requirements related to management and business operations.
However, industry sources speculate that the counterparty is likely U.S. electric vehicle maker Tesla.
The filing also indicated that the disclosure deferral period for the counterparty extends until Sept. 30, 2038, leading industry observers to believe the contract period could be extended to as long as 11 years.
If the agreement is extended, the total contract value is estimated to increase to approximately KRW 2.2 trillion.
This marks the largest contract since POSCO Future M entered the anode material business in 2011.
The company has been supplying anode materials to domestic battery manufacturers and General Motors (GM). In July last year, it signed a supply agreement with a major Japanese battery maker, followed by another contract worth about KRW 670 billion in October with a global automaker for natural graphite anode materials.
The October contract was also widely reported to involve Tesla. If Tesla is confirmed as the counterparty for the latest deal, POSCO Future M’s total supply of graphite anode materials to Tesla alone could reach as much as KRW 4 trillion.
Given that the October agreement was valued at up to KRW 1.7 trillion over a maximum period of 10 years, the combined value of the two contracts could total approximately KRW 4 trillion.
POSCO Future M said the latest agreement is structured as a package with the natural graphite anode material contract signed last October, adding that it plans to expand cooperation with the partner in cathode materials and lithium-related businesses in the future.
To support the new order, the company also announced on March 5 that it will invest about KRW 357 billion to build a new artificial graphite anode material plant in Vietnam, as part of a phased plan to expand its anode material production capacity.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
