GEM and EcoPro BM Reached a 265,000-ton Precursor Supply Cooperation

In order to meet the challenges of changes in the global industrial competition landscape, meet the requirements of the US and European markets and maximize the interests of both parties, GEM and EcoPro's subsidiary EcoPro BM CO., LTD. (hereinafter referred to as "EcoPro BM") recently signed the "Memorandum of Understanding on Strategic Cooperation in the Whole Industrial Chain of Secondary Battery Raw Materials" (hereinafter referred to as the "Memorandum") at the Qingmeibang Industrial Park in Indonesia. Mr. Cui Wenhao, representative of EcoPro BM, Professor Xu Kaihua, Chairman of GEM Group, and Ms. Wang Min, co-actual controller and director of GEM Group, attended the signing ceremony.

Over the past decade, GEM and EcoPro, as close upstream and downstream partners, have successfully coped with various challenges together and implemented a full range of strategic cooperation in resources, industries, technologies, markets, capital, etc., effectively promoting the rapid development of all parties, establishing a deep relationship of mutual trust, and becoming an excellent example of friendly cooperation between Chinese and Korean companies.

The signing of this memorandum of understanding on cooperation marks that the two parties will further consolidate their cooperative relationship in the field of secondary battery raw materials, deeply combine their respective resources, technology, manufacturing, capital and customer advantages, use Indonesia and South Korea as manufacturing bases, and build a global competitive "nickel resources-precursor-cathode materials" full industry chain to consolidate the core position in the European and American markets. To this end, the two parties will maximize the advantages of Indonesia's nickel supply chain, and GEM will meet EcoPro BM's new demand in terms of raw materials and precursor supply. At the same time, EcoPro BM will cooperate with GEM and EcoPro Materials as core partners in precursor supply, and strive to make GEM the largest supplier of EcoPro BM other than EcoPro Materials. The two parties agreed that from 2025 to 2028, EcoPro BM will purchase an additional 265,000 tons of precursors from GEM, further consolidating GEM's core position as a global high-nickel precursor manufacturer, enhancing the company's global core competitiveness, and effectively guaranteeing the company's continued growth in future performance.

At the signing ceremony, Cui Wenhao, a representative of EcoPro, said that the friendship between EcoPro and GEM has lasted for ten years. Through this visit and exchange at Qingmeibang, he has more confidence in GEM's nickel products and precursor products. He hopes that through the joint efforts of both parties, the cooperation and friendship of nearly ten years will be extended to a hundred years, and the goal of becoming a leading company in the world's new energy industry will be achieved together.

Source: GEM (Website)