UPDATED. 2024-07-23 17:34 (화)
Cowin Tech wins new order to reach 100 billion won total
Cowin Tech wins new order to reach 100 billion won total
  • Lee Sang Won
  • 승인 2021.11.10 15:50
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Firm to double production capacity 
Cowin Tech CEO Lee Jae-whan Image: TheElec
Cowin Tech CEO Lee Jae-whan Image: TheElec

Cowin Tech said on Tuesday that it has clinched a new automation equipment supply deal worth 5.6 billion won.

With the latest contract, it had remaining orders of 103 billion won at the current time, a company spokesperson said.

It won a total of 22.2 billion won worth of new orders since October.

The company also announced that it will issue exchangeable bonds worth 9.5 billion won for 250,000 of its shares at an interest rate of 0%.

The funds will be used to build a new production factory to meet the remaining orders it has accumulated so far, Cowin Tech said.

The spokesperson said the company is planning to expand supply to various sectors, not just the battery industry.

Cowin Tech specializes in automation equipment used in the production of batteries.

It can offer automation systems for all processes of battery production in turn-key __ with the one for the electrode process being the company's most prized offering.

In March, it acquired battery material firm Top Material, which manufactures LMNO cathode used mostly in batteries for scooters.

The subsidiary is currently developing a technology that doesn’t require precursors to make cathode as well as a single crystal NCM cathode.

Cowin Tech, as of the third quarter, had recorded 68 billion won in revenue and an operating loss of 3 billion won this year.

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