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Ecopro, Samsung Ink Massive $34 Billion Battery Deal Despite EV Slump
An automobile model displaying EV technologies at the Samsung SDI Co. pavilion at the Munich Motor Show in Sept.
Photographer: Krisztian Bocsi/BloombergEcopro BM Co. signed a long-term contract with Samsung SDI Co. to provide a key ingredient for electric-car batteries, despite higher interest rates curbing demand for battery-powered vehicles.
The Cheongju, South Korea-based firm inked a contract Friday with Samsung to supply cathode-active materials worth 43.8 trillion won ($33.5 billion) between 2024 and 2028, according to a company filing released after the stock market closed in Seoul. The cathode is based on nickel-cobalt-aluminum chemistry and is used for high-nickel batteries, Ecopro said in the filing.