(Yicai Global) Dec. 2 -- Shares of Kedali Industry rose after the Chinese company said it signed a long-term deal to supply lithium battery parts to France’s power battery maker Automotive Cells.

Kedali [SHE: 002850] was trading up 4.5 percent at CNY107.26 (USD15.20) as of 1.55 p.m. today, after earlier gaining as much as 6.8 percent.

Automotive Cells will purchase 100 million square lithium battery cases and covers between 2024 and 2030, the Shenzhen-based firm announced yesterday, citing the deal the pair signed on Nov. 30.

The contract will have a positive impact on Kedali’s future performance, marking good progress for the company’s overseas market development, it added, without revealing the transaction amount and product specifications.

Automotive Cells is a well-known European developer of power battery cells and modules. Carmakers Stellantis and Mercedes-Benz and energy giant Total Energies each own a third of the company’s shares. Automotive Cells’ annual battery production capacity will improve to at least 120 gigawatt-hours by 2030, according to its capacity expansion plan released earlier.

Kedali boasts major battery makers Contemporary Amperex Technology, BYD, Panasonic, LG, Northvolt, and Faurecia, as its clients, according to its website.

Editor: Futura Costaglione