Donghwa Electrolyte Supplies Electrolyte to Global Automakers

[Financial News] Donghwa Corp's affiliate Donghwa Electrolyte has been finally selected as the electrolyte supplier for a global automaker, it announced on the 18th.
Donghwa Electrolyte did not disclose details such as the client name, contract size, and supply vehicle types due to a confidentiality agreement. Electrolyte is a key material that, along with cathode materials, anode materials, and separators, constitutes secondary battery cells.
This proves Donghwa Electrolyte's capability in electrolytes optimized for eco-friendly vehicle powertrain systems. While the electric vehicle (BEV) market is experiencing temporary stagnation, the company is expanding its electrolyte supply scope to eco-friendly vehicles such as hybrid vehicles (HEV), plug-in hybrid vehicles (PHEV), and range-extended electric vehicles (EREV), laying the foundation for performance improvement.
The electrolytes ordered this time will be produced at the Tennessee factory in the United States and delivered to local client factories. The Tennessee factory was completed earlier this year. Previously, in April, a contract was signed to supply electrolytes worth 350 billion won to local battery and automaker companies in the United States.
Kim Jae-min, CEO of Donghwa Electrolyte, said, "Our technical superiority in electrolytes is being recognized by global automakers," adding, "We will expand our presence with new investments and supply chain strengthening according to global trends, and by composing a sophisticated product lineup that meets industry demands."
Meanwhile, Donghwa Electrolyte is steadily expanding its product portfolio, including this supply contract. In May, a contract was also signed to supply electrolytes for energy storage systems (ESS). The related market is expected to grow due to the Korean government's ESS construction projects and increased private investment.

butter@fnnews.com Kang Kyung-rae Reporter