Hankook & Company, the parent of tyre manufacturer Hankook Tire & Technology, has moved into the EV lithium-ion batteries industry with a ₩9 billion ($6.5 million) investment in JR Energy Solution, a manufacturer of battery materials.
The South Korean company becomes one of JR’s top three investors, with a 15.2% stake.
It said its Energy Solution division has been exploring strategic investment targets with a view to entering the lithium-ion battery business to secure new growth.
Hankook noticed the growth potential of JR Energy Solution and its expertise in battery electrodes. It made a Series A investment after feasibility and technical verification studies. Hankook is already in the lead-acid battery business, offering 2V and 12V automotive and industrial batteries.
JR Energy Solution recently commenced operations at its inaugural electrode foundry in South Korea. The company utilises technology licensed from Enevate Corporation, a California-based firm specialising in ultra-fast battery charging.
