CTNS signs battery supply deal with Aptera

South Korean battery pack manufacturer CTNS has signed a contract to supply EV battery pack facilities and initial production volume worth more than 12 billion won (9.2 million USD) with US solar electric car startup Aptera.

Image: Aptera

This contract is the first phase of the total project, which is scheduled to complete the initial volume production by 2024. CNTS aims to sign a mass production contract by 2025. If this goal is achieved, the order is expected to reach 100 million dollars annually.

CTNS was only established in 2017, as a secondary battery technology innovation specialist developing full-cycle solutions for battery packs from design to remanufacturing. Currently, it supplied battery packs, battery management systems (BMS) and battery data monitoring solutions for everything from robots to electric vehicles.

“As a leading startup representing Gyeongsangnam-do, CTNS has done remarkable jobs and contributed to our regional prosperity,” explained Provincial Council Dr. Jeon Ki-poong, adding: “We are happy to support CTNS’s global business with Aptera Motors and good package programs including Gyeongnam Technopark will be provided.”

According to a CTNS spokesperson, “This supply contract is a meaningful first step for CTNS to enter the US market, and it is a case that proves the possibility of success in the global market. CTNS will grow into a secondary battery unicorn startup recognized in the global market based on its differentiated technology and business model.” Ki-jeong Kwon, CEO of CTNS, added: “I believe that this is an important moment for CTNS to leapfrog to the future unicorn in global market, and sincerely appreciated to Chris Anthony & Aptera Motors to become our partner for the journey.”

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