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[Alpha Biz=(Chicago) Reporter Kim Jisun] Battery materials company L&F has decided to sign a five-year cathode material supply contract worth 20 trillion won with Northvolt, a European battery company, within this year. This is the largest contract ever awarded by L&F.
According to the industry on the 24th, L&F has recently been certified as a cathode material for rectangular batteries by North Bolt.
This means that North Bolt can mass-produce batteries by applying the company's materials. The two companies have concluded rough terms and conditions for the supply contract. It is expected to finalize the contract within this year. This is the first time that L&F supplies North Bolt.
The amount of supply that both companies are discussing is worth 20 trillion won for five years from 2025. If the contract is signed as it is, the annual supply alone amounts to 4 trillion won. It is higher than last year's L&F sales (3.8873 trillion won). On the news, L&F shares rose 3.09% from the previous day.
If the final contract is signed this time, L&F will be able to secure a stable foundation for long-term growth.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
