Mianyang Fulin Precision (SHE:300432) subsidiary Jiangxi Shenghua signed a supplementary agreement with Contemporary Amperex Technology (SHE:300750, HKG:3750), or CATL, to strengthen their lithium iron phosphate material (LPM) partnership.
CATL will prepay 500 million yuan to support expanded production at bases in Jiangxi and Sichuan in China, with capacity totaling 360,000 tons per year, according to a Friday filing with the Shenzhen bourse.
From 2025 to 2029, Jiangxi Shenghua will dedicate 100% of its lithium iron phosphate output to CATL, with CATL committing to purchase at least 80% annually.
Shares of Mianyang Fulin Precision climbed 3% in recent trade, while CATL shares slumped 1%.
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