May 12, 2025 | Nanjing — Jiangsu Lopal Technology Co., Ltd. has announced a significant agreement through its subsidiaries, Changzhou Liyuan New Energy Technology Co., Ltd. and Nanjing Liyuan Nanotechnology Co., Ltd., to supply 150,000 metric tons of lithium iron phosphate (LFP) cathode materials to three wholly-owned subsidiaries of CORNEX New Energy—Wuhan CORNEX, Xiaogan CORNEX, and Yichang CORNEX—over a five-year period from 2025 to 2029.
The contract, valued at over RMB 5 billion (approximately USD 692 million), outlines a flexible sales model wherein either Lopal supplies the lithium carbonate or the buyer provides it. The unit price will be determined monthly based on market conditions.
This agreement marks a significant milestone for Lopal Technology, reinforcing its position as a leading supplier in the LFP cathode material market. The company’s strategic partnerships with major industry players, including LG Energy Solution and Ford’s Blue Oval battery plant, have solidified its reputation for delivering high-quality materials.
In addition to its domestic operations, Lopal has been expanding its global footprint. The company’s Indonesian plant, developed in collaboration with the Indonesia Investment Authority, is set to increase its annual LFP cathode material capacity from 30,000 to 120,000 tons.
The growing demand for LFP batteries, driven by their safety, longevity, and cost-effectiveness, has positioned Lopal Technology to capitalize on the expanding electric vehicle and energy storage markets. This latest agreement with CORNEX New Energy underscores the company’s commitment to meeting the evolving needs of the industry.