Jiangsu Lopal Tech Co., Ltd. announced on August 6, 2026 that it has officially signed two framework agreements, one for sales and one for procurement, with global battery giant LG Energy Solution (LGES).
Under the agreements, covering the period from January 1, 2026 to December 31, 2028, Lopal Tech’s annual sales cap for LFP cathode materials to LGES is set at 9 billion yuan (approximately $1.33 billion US), for a three-year total of 27 billion yuan (approximately $3.98 billion US). Concurrently, Lopal Tech’s annual procurement cap for raw materials, including lithium carbonate from LGES, is set at 6 billion yuan (approximately $884 million US), totalling 18 billion yuan (approximately $2.65 billion US) over the three-year period.
Neither agreement specifies exact purchase volumes. However, based on current market prices, the 27-billion-yuan sales cap corresponds to approximately 450,000 tons of LFP cathode materials, while the 18-billion-yuan procurement cap equates to roughly 130,000 tons of lithium carbonate.
The LFP market has seen explosive growth over the past year. Battery manufacturers including LGES, CATL, BYD, Sunwoda, EVE Energy, and CORNEX New Energy have placed a series of orders, with total procurement value exceeding 260 billion yuan (approximately $38.33 billion US).
Notably, a significant portion of these orders come from overseas markets beyond China.
In June 2025, Lopal Tech’s subsidiary LBM New Energy (AP) Pte. Ltd. signed an agreement with EVE Energy Malaysia, committing to supply 152,000 tons of LFP cathode materials to EVE Energy from 2026 to 2030, with an estimated value exceeding 5 billion yuan (approximately $737 million US).
In September 2025, Lopal Tech reached a deal with CATL to supply a total of 157,500 tons of LFP cathode materials to CATL’s overseas factories from the second quarter of 2026 through 2031, with the contract value estimated at over 6 billion yuan (approximately $884 million US).
In December 2025, LBM New Energy (AP) signed an agreement with Sunwoda’s Thailand subsidiary to supply 106,800 tons of LFP cathode materials from 2026 to 2030, valued at an estimated 4.5 billion yuan to 5.5 billion yuan (approximately $663 to $811 US).
Source: WeChat Official Account——电池工业网
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