Grinner, a lithium titanate oxide (LTO) battery manufacturer, said on the 13th that it will supply automotive parts worth about 21.7 billion won to the American electric vehicle company Lucid over the next 10 years starting this month.
Lucid launched the Gravity, a large sport utility vehicle (SUV), on the 5th. Grinner will supply four types of switch components for the vehicle, including the trunk. A Grinner representative noted, "We are also in discussions with other North American electric vehicle manufacturers regarding component contracts for new models," and added, "Our goal is to generate total revenue of 150 billion won in the future."
Grinner's export volume has been rapidly increasing recently. This is because developed countries are avoiding substances that can cause environmental pollution, such as lead-acid and LFP batteries, and are increasing the use of lithium-ion batteries. Grinner reported that its product supply volume has continuously increased since signing a supply contract for energy storage systems (ESS) with a solar company in Newcastle, United Kingdom, in December of last year.
Grinner is the only producer of LTO batteries in South Korea. LTO batteries are products that replace graphite, which was used as an anode in conventional lithium-ion batteries, with LTO. They offer higher stability and longer lifespan compared to conventional lithium-ion batteries, leading to an increase in usage across various industries, including heavy machinery, shipbuilding and marine, railways, defense, and ESS.