[Featured Stock] EID Rises on News of Biden's Plan for 500,000 EV Charging Stations in the US

[Asia Economy Reporter Yoo Hyun-seok] IADI is showing strength following the announcement by U.S. presidential election winner Biden to install approximately 500,000 electric vehicle charging stations nationwide. Biden pledged a $2 trillion investment in the eco-friendly energy sector as part of his campaign promises.

As of 10:26 AM on the 9th, IADI was trading at 346 KRW, up 20.14% (58 KRW) compared to the previous trading day.

IADI plans to expand its secondary battery business and secured a commitment last month for a 30 billion KRW investment from Hyundai Asset Management to support this expansion.

IADI entered the secondary battery market through its subsidiaries KIT (Kait) and GE (Ji-i). IADI is the parent company holding 100% of the shares of these companies.

KIT manufactures and installs Powder System equipment used in the cathode material production process and is expanding its market share. The Powder System is a series of equipment that mixes and weighs raw materials used in cathode material production, supplies them to the calcination process (RHK Line), and then crushes and packages the calcined products. KIT has established an almost exclusive value chain with Japan's Noritake, securing a dominant market position domestically. Its performance improvement is remarkable: last year’s sales reached 38 billion KRW, an 80% increase from 21 billion KRW the previous year, with an operating profit margin approaching 16%.

GE develops and supplies logistics process equipment and solutions related to secondary batteries. A significant portion of its products and solutions are supplied to LG Chem. Last year, GE posted sales of 63.3 billion KRW and an operating profit of 4.6 billion KRW.