[Globalization Process Accelerates - Ronbay Technology Signs Memorandum of Understanding with SK On]

[Globalization Process Accelerates - Ronbay Technology Signs Memorandum of Understanding with SK On] Recently, Ronbay Technology announced that the company has signed a Memorandum of Understanding (MOU) with SK On Co., Ltd. (referred to as "SK On"), with both parties leveraging their respective strengths to engage in comprehensive and in-depth cooperation around the areas of ternary and lithium iron phosphate cathodes. The cooperation encompasses, but is not limited to, technology collaboration, product development, and product sales. According to the announcement, SK On is currently one of the world's largest electric vehicle battery manufacturers, with factories producing high-energy-density batteries for electric vehicles in Europe, the US, China, and other locations, and has established partnerships with major global automotive companies. Ronbay Technology had previously established a close technical cooperation with SK On and has already sent products for sample testing. In the future, Ronbay Technology will sign specific product joint development agreements and procurement contracts with SK On based on actual conditions. Ronbay Technology indicated that this cooperation marks the full recognition by international top-tier customers of the company's technological strengths and market position in the development of products such as ternary and lithium iron phosphate cathodes. It is also a significant advancement in customer development under the company's globalization strategy. As for the progress of Ronbay's overseas capacity planning, the plan is to have an annual capacity of 60,000 tons of ternary cathode materials and 20,000 tons of phosphate capacity by the end of 2024 in Korea, and to form an annual capacity of 40,000 tons of precursors by the end of 2025.