The secondary battery material company Pino will acquire equity in C&P New Materials Technology and expand its business to precursor production.
Pino noted on the 17th that it will acquire 29% equity in C&P New Materials from CNGR's Hong Kong subsidiary, Hong Kong Hongchuang New Energy. The total equity acquisition amount is 13 billion won.
C&P New Materials was jointly established with global precursor leader CNGR and secondary battery material corporation POSCO Future M, with holdings of 80% and 20%, respectively. Currently, a nickel-cobalt-manganese (NCM) precursor production facility capable of 110,000 tons annually is under construction at the Yeongilman Industrial Complex in Pohang City, Gyeongsangbuk-do.
Precursor is a key material that determines battery performance and price, serving as the main ingredient for secondary battery cathodes. It is a typical material that relies heavily on imports, necessitating the stabilization of the supply chain through securing domestic production facilities.
A Pino official said, 'With the acquisition of equity in C&P New Materials, we will advance into production following the distribution and sale of precursors and secondary battery materials.' The official also noted, 'We are considering expanding our equity through additional investments in line with the construction of the Yeongilman production facility of C&P New Materials.'
Meanwhile, Pino is quickly achieving results since entering the secondary battery material business. In September, Pino signed a business agreement with L&F, a leading domestic cathode material manufacturer, for a total supply of 60,000 tons of NCM precursors, and has made supply contracts totaling 4.4 billion won in two occasions.