Hankook Takes Stake in Electric Vehicle Battery Materials Firm

Hankook & Company, the parent entity of Hankook Tire & Technology, has made a noteworthy expansion into the electric vehicle (EV) battery industry through a significant investment in JR Energy Solution, a South Korean battery materials producer. The company has announced a KRW 9 billion (approximately US$6.5 million) Series A investment in JR Energy Solution, which is headquartered in Chungcheongbuk-do, approximately 100 kilometers southwest of Seoul. This investment secures Hankook's position as the third-largest shareholder in JR Energy Solution, holding just over a 15% stake in the company.

JR Energy Solution recently commenced operations at its inaugural electrode foundry in South Korea. The company is utilizing cutting-edge technology licensed from Enevate Corporation, a California-based firm renowned for its innovations in ultra-fast battery charging. Enevate’s technology is central to JR Energy Solution’s operations, and the company has ambitious plans to expand its footprint into the U.S. market. As part of this expansion, JR Energy Solution aims to build a state-of-the-art electrode plant in collaboration with Enevate, further strengthening its position in the global battery materials sector.

Hankook's foray into the battery materials market represents a significant diversification for the company, which has traditionally focused on tire manufacturing. This strategic move aligns with Hankook’s broader efforts to capitalize on the rapidly growing EV sector. The company’s subsidiary, Hankook AtlasBX, which is engaged in the lead-acid battery industry, provides a solid foundation for Hankook’s entry into the secondary battery market. The investment in JR Energy Solution is anticipated to enhance Hankook’s capabilities within the EV battery supply chain, meeting the increasing demand for advanced battery technologies in the automotive industry.

The investment reflects Hankook's commitment to staying at the forefront of technological advancements and adapting to the evolving needs of the automotive sector. As the global automotive industry shifts towards electric mobility, Hankook’s strategic investment in JR Energy Solution positions it to play a pivotal role in the development and supply of cutting-edge battery materials.

This move underscores Hankook’s dedication to innovation and its proactive approach to capturing new opportunities within the evolving energy and automotive markets. By leveraging its existing expertise in battery technology through Hankook AtlasBX and combining it with JR Energy Solution’s advanced electrode technology, Hankook is poised to contribute significantly to the advancement of EV battery technology and support the transition towards more sustainable automotive solutions.

Hankook & Company Co., Ltd. functions as a holding company with a diverse portfolio. The company is involved in manufacturing batteries, leasing, management consulting, tire production, and various other business activities. Hankook offers its services globally.