BUDAPEST, Hungary and SHENZHEN, China, June 11, 2026 /PRNewswire/ -- Sunwoda Electronic (Sunwoda), a leading global provider of lithium-ion battery technologies and solutions, and Tulip Innovation (Tulip), the licensing agent for lithium-ion battery patents owned by LG Energy Solution and Panasonic Energy, have entered into a patent license agreement under Tulip's lithium-ion battery licensing program.

Following the agreement, the parties will withdraw pending legal actions in Germany, China, and Korea, resolving all issues relating to LG Energy Solution and Panasonic Energy battery technology for Sunwoda and Sunwoda's customers. The terms of the agreement remain confidential.

The parties emphasized that resolving the global legal proceedings through the execution of a license agreement was in the best interests of both parties, as well as their respective businesses, customers, and stakeholders. The resolution eliminates the uncertainty, disruption, and significant costs associated with continued litigation. 

About Tulip Innovation
Tulip Innovation Kft., part of the Tulip group of licensing companies, manages the lithium-ion battery program from its base in Hungary, the hub of European battery manufacturing. All Tulip group programs are built around a team of licensing professionals with decades of experience, a unique combination of strong industry connections, and expertise in negotiating and administering patent licenses. Tulip's mission is to collaborate with companies implementing patented technologies to ensure that their operations have access to Tulip's robust IP portfolios. Additional information is available at www.tulipinnovation.com. 

About Sunwoda Electronic
Sunwoda Electronic Co. Ltd was established in 1997 and was listed on the Shenzhen Stock Exchange in 2011 (stock code: 300207). In 2022, successfully issued Global Depositary Receipts (GDRs) on the SIX Swiss Exchange. Today, Sunwoda stands as a global leader in the lithium-ion battery industry.