(Yicai) Nov. 25 -- Lopal Tech's shares surged by their daily trading limit after the leading Chinese battery materials supplier said leading energy storage battery provider Cornex New Energy adjusted its long-term order and lifted its worth to up to CNY45 billion (USD6.3 billion).

Lopal [SHA: 603906] rose 10 percent to CNY18.06 (USD2.54) a share as of lunch break in Shanghai today. Its Hong Kong-listed stock [HKG: 2465] surged 18.5 percent to HKD14.60 (USD1.88), after soaring by as much as 28 percent at one point.

Lopal will supply 1.3 million tons of lithium-iron phosphate cathode materials to Cornex and three of its factories by December 2030, the Nanjing-based firm, which ranks among the top three global suppliers, announced late yesterday. The original order was for 150,000 tons of the materials with a supply deadline of April 2030.

Based on the price of LFP cathode materials when the first deal between Lopal and Cornex was inked in May, the order was expected to be worth a maximum of CNY5 billion (USD691 million).

According to previous announcements by Cornex, the firm is in the process of substantially increasing its energy storage battery production capacity. In addition, it signed investment agreements with the governments of Yichang and Xiangyang in Hubei province in September to build an 80-gigawatt-hour and a 70-gigawatt-hour plant, respectively.

Lopal produced 184,700 tons of LFP cathode materials last year, up 56 percent from the previous year, while its sales surged 65 percent to 178,300 tons, according to its annual financial report. Revenue from the business topped CNY5.8 billion, accounting for 75 percent of its total income.

Compared with the ternary lithium batteries widely used by global electric carmakers, LFP power packs are cheaper to produce, safer, and more environmentally friendly.

Editor: Martin Kadiev