Battery production equipment maker PNT said on Tuesday that it aims to record over 1 trillion won in revenue this year
This is double its annual revenue last year of 545.4 billion won. PNT CEO JoonSup Kim said during its annual shareholders’ meeting that the company is also looking to find new business opportunities in lithium iron phosphate cathode and heating furnaces.
PNT as of last year had 1.8 trillion won of remaining orders and analysts expect the company to reach its projected target thanks to new orders and spending plans from customers.
The equipment maker specializes in the electrode process where the battery’s positive and negative tabs are made. These kits include coater, roll presser, and slitter. Its main customer SK On buys all three types of kits from PNT.
Its other customers include BlueOval SK, SK On’s joint venture with Ford, as well as Automotive Cells Company, a joint venture between Total and Stellantis.
CEO Kim also said the company will spend over 100 billion won to build the cathode factory that will use water instead of N-Methylpyrrolidone as a solvent with an annual production capacity of 2GWh.
Not using N-Methylpyrrolidone, or NMP, means PNT will be at an advantage over Chinese rivals that do use the chemical, which is considered toxic.
