■ SKIET signed MOU with Chinese EV battery manufacturer Sunwoda, strengthening cooperation in battery separator supply

■ SKIET’s first entry into the Chinese local electric vehicle market, accelerating diversification of global customers

■ Expect to continue comprehensive cooperation, including utilizing SKIET’s factory in Poland as Sunwoda prepares for the entry into the European market

SKIET announced on May 1 (local time) that the company signed an MOU with Sunwoda, the 9th largest battery manufacturer in terms of global market share (according to SNE Research in 2022), to strengthen cooperation in supplying battery separators. The MOU signing ceremony took place at Sunwoda Group’s headquarters in Shenzhen, China. Attendees included Head of SKIET LiBS Marketing Office Seo Jung-heun, Leader of Asia Sales & Marketing Team of SKIET Hwang Chan-wook, Founder of Sunwoda EV Battery Co., Ltd Wang Mingwang, and General Manager of Procurement at Sunwoda EV Battery Co., Ltd Su Zujin.

SKIET plans to supply separators produced at its Changzhou factory in China to Sunwoda. This marks SKIET’s first large scale supply of EV battery separators to a Chinese EV battery manufacturer. By now, SKIET has been supplying separators for IT and electronic products to the Sunwoda Group. Sunwoda’s major customers for its batteries include Geely Auto Group, Dongfeng Cummins Engine Co., Ltd., Shanghai Automotive Industry Corporation Motor, Volvo Cars, and Volkswagen.

According to the MOU, both companies agreed to actively communicate about expanding the supply of separators with technological capabilities, quality, and price competitiveness in the future. In addition, they plan to build a mid-to-long term strategic cooperative relationship in the Chinese electric vehicle market. Furthermore, the two companies expect to continue their collaborative relationship in other countries as well.

Sunwoda, founded in 1997, began its EV battery business in 2008. According to 2022 researches, it is the 9th largest EV battery producer in the global market and 5th in China in terms of market share. Last year, it went public on the SIX Swiss Exchange, and the company is actively preparing to enter the European market, with plans including building a battery facility in Hungary. Currently, it has an annual battery production capacity of 40 GWh and plans to scale up to 138 GWh by 2025.

SKIET has factories in South Korea, China, and Poland. SKIET is considering entering the North American market and is expected to benefit as details of the US Inflation Reduction Act (IRA) have become refined recently. Moreover, along with the favorable situation, the company has anticipation for calls from other potential customers in the U.S. and Europe.

SKIET’s Head of LiBS Marketing Office Seo Jung-heun said, “We hope that the partnership with Sunwoda, a leading global EV battery manufacturer, will further accelerate the growth of both companies.” “SKIET not only expects to continue the global market collaboration in China, but also in Europe, where Sunwoda is preparing to expand, as we have battery separator factories in both regions.”

Seo also emphasized, “In such a rapidly changing business environment, SKIET will lead the global separator market through full-fledged market expansion and diversification of customer portfolios starting this year.”

[Photos]

(Photo 1) SKIET’s Head of LiBS Marketing Office Seo Jung-heun (fourth from right), Founder of Sunwoda EV Battery Co., Ltd Wang Mingwang (fifth from right), and other officials from both companies take commemorative photo after the MOU signing ceremony to strengthen cooperation in battery separator supply held at Sunwoda Group’s headquarters in Shenzhen, China.

(Photo 2) Panoramic view of SKIET’s battery separator production in Changzhou, China