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Kumyang Headquarters. (Photo = Kumyang) |
[Alpha Biz= Reporter Kim Jisun] Kumyang has successfully secured its first overseas supply contract for 4695 cylindrical batteries, using Saudi Arabia as a strategic foothold. This achievement is expected to solidify its presence in the Middle Eastern market.
According to the battery industry on the 13th, Kumyang signed a contract with Saudi Arabia’s GCC Lab Technical Services to supply and maintain 4695 battery modules over six years, from 2024 to 2030, amounting to KRW 137.6 billion. Additionally, the two parties signed an agreement to establish a joint venture and collaborate on standard lab technology for the research and development of cylindrical batteries.
Saudi GCC Lab, a subsidiary of Aramco, was established with investments from the Public Investment Fund (PIF) and the Saudi Electricity Company (SEC). Supported by the Saudi government, the company operates the world’s largest energy research complex in Dammam, Saudi Arabia, since 2015.
As part of this agreement, Kumyang and Saudi GCC Lab plan to establish a battery pack factory in Saudi Arabia. They aim to lead the standardization of batteries for automakers across the Gulf region, including Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain, and Oman, while building a solid supply track record.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
