SK IE Technology has signed a long-term supply contract for secondary battery separators, according to a report in the Korea Economic Daily. The Korean company will target North America and other regions.
Financial details and contracting party and were not disclosed, the report said, referring to a regulatory filing on Friday. It said the disclosed amount is more than 2.5% of annual revenue, so the amount is expected to be at least ₩14.6 billion ($11.2 million). The contract period is from October until September 2030.
The report said SKIET is planning market entry at around 2028 when the requirements for battery components made in North America will be more than 90%.
Once market entry is confirmed, the company will finish construction of its separator plant by 2027. Commercial production would be set to commence in 2028.
The company plans to expand its annual separator production capacity from 1.53 billion square metres in 2022 to 4 billion by 2025, the report said.
Photo: SK IE Technology new CEO & President Kim Cheol-jung