STX acquires 20% stake in lithium iron phosphate battery maker IBT

IBT specializes in the production of lithium iron phosphate batteries and energy storage system battery packs

Nam Sang-gyu, CEO of IBT (left), and Park Sangjun, CEO of STX
Nam Sang-gyu, CEO of IBT (left), and Park Sangjun, CEO of STX
Sungsu Bae 1
2023-12-01 14:39:31 baebae@hankyung.com
Batteries

STX Corp., a South Korean general trading company, announced on Friday that it has signed a stock purchase agreement to acquire a 20% stake in the battery manufacturing company International Battery Technology Co. (IBT).

STX held a board meeting the previous day at its headquarters in Seoul's Jung-gu and passed the resolution regarding the equity stake acquisition.

According to STX, IBT specializes in the production of lithium iron phosphate batteries and energy storage system (ESS) battery packs. STX also highlighted IBT's expertise in the defense sector, possessing core technology for manufacturing nickel-cadmium battery cells used in helicopters, fighter jets, trains and more.

In addition, STX emphasized its own competitiveness in developing and supplying battery systems for maritime propulsion.

"As a comprehensive trading company, leveraging our overseas network and secondary battery core raw material supply chain, we aim to strengthen cooperation with IBT, enhancing business synergy between the two companies. We will focus on reinforcing raw material procurement and global marketing," said an official of STX.

Write to Sungsu Bae at baebae@hankyung.com
#STX #IBT #lithium iron phosphate batteries #energy storage system #ESS #nickel-cadmium battery cells

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