POSCO Future M Co., the battery materials unit of POSCO Holdings Inc., said Wednesday it has secured a 1.8 trillion-won (US$1.3 billion) deal to supply high-nickel cathode materials for electric vehicle batteries.

The Korean company did not elaborate on the details of the deal in accordance with a confidentiality agreement with its client, according to its officials.

The value of the deal accounted for 38.8 percent of POSCO Future M’s annual sales for last year.

Source: Yonhap News Agency