GEM Strikes Supply Deal With South Korea's EcoPro BM EcoPro BM's Shares Dip 5%

MT Newswires Live08-19

Chinese battery recycler GEM (SHE:002340) will become a major supplier of EcoPro BM (KOSDAQ:247540), a unit of South Korean battery maker EcoPro (KOSDAQ:086520), as part of a cooperative agreement between the parties, according to an Aug. 16 filing on the Shenzhen Stock Exchange.

The battery material-producing firm will buy an additional 265,000 tons of precursors from GEM between 2025 and 2028 to meet the growing demand in global markets, such as the US and Europe.

GEM and EcoPro BM also plan to set up a nickel joint venture in Indonesia.

EcoPro BM's shares dropped nearly 5%, while EcoPro's shares fell more than 4% in Seoul trading recently, while GEM's shares rose 1% in recent trade in Shenzhen.

Price (RMB): Â¥5.82, Change: Â¥+0.050, Percent Change: +0.87%

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