Battery equipment maker Toptec said it has won a large deal to supply its kits to a battery assembly line.
Though the company didn’t name its customer, it is highly likely the joint venture between Hyundai Motor and SK On, which is planning to build an EV battery plant in the US.
With this latest deal, including the one it won from Hyundai Mobis, Hyundai Motor’s parts maker, in September, Toptec has now won close to 110 billion won worth of orders from Hyundai Motor Group.
Sources said Toptec is likely supplying tab welding and packaging equipment to Hyundai Motor and SK On’s joint venture.
The equipment maker has been promoting its battery assembly equipment. Its kits cost around 7 billion won to 8 billion won per unit.
A single battery production line usually uses one unit of tab welding and packaging equipment.
During the first half of the year, Toptec also won over 500 billion won worth of orders from BlueOval SK, the battery joint venture between Ford and SK On.
Meanwhile. Hyundai Motor and SK On are building a 35GWh per year battery plant in Georgia with the goal to start operations in 2025. The pair are spending US$5 billion together and will each own a 50% stake in the plant.
The plant will supply EV batteries for Hyundai Motor, Kia, and Genesis brands sold in the US.