[Edaily Reporter Park Jung-Soo ] Advanced materials specialist ICH Co., Ltd.(368600)expects to expand its supply of related materials, buoyed by a large-scale order for energy storage systems (ESS) in the U.S. secured by its major client, SK On.
ICH Co., Ltd. announced on the 8th that it had successfully passed the final quality verification (qualification test) for materials used in SK On’s ESS battery modules last May. The material in question is a high-performance material applied between lithium iron phosphate (LFP) pouch battery cells. It absorbs external impacts and vibrations to enhance the structural stability of the battery modules and helps suppress fires and heat propagation through its flame-retardant and fire-resistant properties.
SK On recently signed a 1.5 trillion won contract with Neovolta, a U.S.-based ESS specialist, to supply LFP pouch battery cells for ESS. Under the contract, SK On plans to supply a total of 9 gigawatt-hours (GWh) of battery cells over the next five years.
The two companies are also pursuing further collaboration. In addition to the existing 9 GWh supply volume, they are discussing an additional 9 GWh of cooperation within this year; if the additional contract is finalized, the scale of ESS business cooperation between the two companies will expand to a total of 18 GWh.
ICH Co., Ltd. stated, “We secured our technological capabilities and product competitiveness by completing quality verification of materials for ESS battery modules last May,” adding, “As our client’s large-scale ESS orders are gaining momentum, we plan to respond proactively to ensure this leads to future orders and supply of mass-produced volumes.”
The official added, “We will expand our business scope with a focus on new portfolios such as ESS and robotics, and continue to demonstrate tangible results in diversifying our revenue streams.”