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Eugene Technology Aims for $39m Sales, Plans KOSDAQ IPO amid Battery Boom

Eugene Technology, a firm specialising in battery materials, parts, and equipment, is targeting over 50 billion won ($39 million) in sales this year, reflecting a 25% year-on-year growth. The company is also intensifying efforts to secure significant clientele for its lead tab business, a component utilised in prismatic and pouch-type batteries, with the aim of doubling its operating profit rate via battery equipment parts as well as battery cell material business.

In an interview at ‘Interbattery Europe’ held in Munich, Germany CEO Lee Mi-yeon revealed plans for a KOSDAQ IPO in H2 2023, awaiting the results of the preliminary screening.

The anticipated funding from the IPO is expected to be approximately 11 billion won ($8.58 million), which will be invested in technology advancement and automation for notching mould production. The company aims to standardise the production process using artificial intelligence (AI), smart factories, and robotics — a first in the industry.

The notching mould, used to tailor anodes and cathodes into specific shapes, traditionally requires significant human labour, with quality assurance also conducted visually. CEO Lee Mi-yeon expressed optimism about standardising and automating the process in the next 2-3 years to boost productivity.

Eugene Technology’s lead tabs, an essential battery material, have been generating interest from local and international firms. The company is currently supplying samples to Volkswagen and Hyundai Motors. Lead tabs are pivotal in transferring electrical currents in prismatic and pouch-type batteries composed of layered materials.

Founded in 2010, Eugene Technology has secured investment from Credit Guarantee Fund (2014) and NH Investment & Securities (2023), and has established its presence in the US, China, Poland, and Hungary. The company aims to surpass 100 billion won ($78 million) in sales by 2025.

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