At the end of 2024, Lopal Tech announced a landmark agreement that positions its subsidiary, LBM, at the forefront of the global battery materials industry. The company has revised its supply contract with South Korea's LG Energy Solution to deliver 260,000 tonnes of lithium iron phosphate (LFP) cathode materials. Valued at nearly 10 billion yuan based on current market prices, the deal represents the largest transaction of its kind globally in 2024.
LG Energy Solution, a subsidiary of LG Group, is one of the world’s leading battery manufacturers, ranking sixth in global power battery installations in 2023. LBM, headquartered in Changzhou’s Jintan district, has gained recognition as a rising star in the sector, earning "potential unicorn" status in Jiangsu province for two consecutive years. The company’s innovative materials are widely applied in electric vehicles and energy storage systems.
The original agreement, signed in February 2023, committed LBM to supply 160,000 tonnes of LFP cathode material to LG Energy Solution by 2028. With this revised deal, the total supply has increased by 100,000 tonnes, signaling the robust and growing demand for power battery materials globally.
LBM has forged strong partnerships with key industry players, including CATL and LG Energy Solution. Its operations span five major production facilities across China—in Jiangsu, Tianjin, Sichuan, Hubei, and Shandong. This extensive network underscores its pivotal role in the supply chains of the rapidly expanding new energy sector.
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