In the final quarter of 2021, Guangdong Greenway Technology Co., Ltd (Greenway Technology), a leading manufacturer of lithium-ion batteries for micro-mobility and energy storage applications, signed a contract with LG Energy Solution, Ltd. (LG Energy) to invest in a new production line for battery cells from LG Energy in Nanjing.
LG Energy, one of the world market leaders in battery products and energy solutions, guarantees Greenway Technology deliveries of lithium-ion cells of automotive quality with price advantages from 2023 to 2028. With this agreement, Greenway Technology continues to expand into the growing market of light electromobility.
This strategic supply agreement will help Greenway Technology achieve its margin and cost targets to provide attractive battery systems to the electric bike, motorcycle, and energy storage markets. Greenway Technology focuses on products of high quality, making LG Energy the ideal partner due to its many years of experience as a cell manufacturer.
The subject of this long-term partnership is 21700 cylindrical NMC cells with 5000mAh of the latest generation, an excellent fit for application in light electric vehicles (LEVs) such as pedelecs, e-bikes, and e-scooters.
“Greenway Technology is proud to enter into a new stage of collaboration with LG Energy,” said John Zeng, General Manager of Greenway Technology. “We build on our strong relationship with LG Energy to supply the market with the best quality products to provide sustainable and safe energy solutions for the world’s big challenges in mobility and emission.”
Greenway Technology is one of the market leaders developing and manufacturing innovative lithium-ion battery systems for the micro-mobility industry, drive system suppliers, and vehicle manufacturers in Europe and Asia.
LG Energy was established in 2020, as a subsidiary of LG Chem. According to SNE Research, LG Energy is the world’s second-largest supplier of EV batteries, with a market share of 23.7% in 2021. LG Energy sets a strong focus on industry-leading performance cells for electric mobility vehicle producers, and is currently a cell supplier for Tesla.