Third Chinese battery equipment maker sets up shop in South Korea
Lyric Robot Company known for supplying kits to ATL
A third Chinese battery equipment maker has set up a subsidiary in South Korea in a bid to win local battery makers Samsung SDI, LG Energy Solution and SK On as customers, TheElec has learned.
Huizhou-based Lyric Robot will set up its office in Dongtan, Gyeonggi Province this month, sources said.
The company’s equipment were already going through a performance review by a South Korean battery maker, they added.
Lyric Robot was founded in 2021 and listed on the Shanghai STAR exchange in 2021. The company’s main product is formation and assembly equipment.
It gained notice for large supply deals it won from Chinese battery maker ATL, which supplies batteries to Apple and Samsung for smartphones.
Last year, the company recorded 1.254 billion yuan in revenue and 79.23 million yuan in operating income. It already has local offices in Germany, Switzerland, Poland, the US and Canada.
Lyric Robot was also in talks with South Korean equipment makers to set up joint ventures.
A source within the company said the Chinese company plans to collaborate with South Korean companies to expand into Europe and North America.
Besides joint ventures, it is also discussing potentially building equipment factories, they added.
The most active Chinese battery equipment maker in South Korea is Zhejiang Hangke.
It won big deals from SK On last year of a combined worth of 730 million yuan; Hangke will be supplying kits to Yancheng and Ivancsa, Hungary, for the Korean battery maker.
It also won a supply deal from BlueOval SK, SK On’s joint venture with Ford, for its factories in the US.
Hangke is planning to form a joint venture called HK power with a local company this year to better cater to SK On’s needs. Lead Intelligence also has an office in South Korea.