(Yicai Global) June 11 -- Shares of Yunnan Energy New Material jumped to an all-time high today after the Chinese maker of lithium battery isolation film received an order worth over USD258 million from General Motors’s battery subsidiary.

Yunnan Energy [SHE: 002812] closed 6.5 percent higher at CNY191.21 (USD29.93), after earlier gaining nearly 9 percent to CNY194, a record high.

Shanghai Energy New Materials Technology, a unit of Yunnan Energy, inked the general terms and conditions of the deal with Ultium Cells, a joint venture between US automaker GM and South Korea’s LG Chem, on June 9, the Yuxi-based company said in a statement.

The pair agreed that Ultium Cells will buy lithium battery isolation film products from Shanghai Energy from the date when the contract was signed to the end of 2024.

The statement did not specify the actual number of products to be supplied or other financial details, including the unit price, but said customers will enjoy the best sales price under the same order volume.

The deal marks a positive development in Yunnan Energy’s foray into the overseas power battery isolation film market, the statement said. It will help also consolidate the firm’s competitive advantage in the global market and is expected to have a positive impact on operating results.

Editor: Peter Thomas