Jieosoft, JieoSolution 25 Billion Capital Increase "Full-Scale Entry into Secondary Battery Business"

[Asia Economy Reporter Kim Yuri] GeoSoft, which has Oasis Market, a dawn delivery company, as a subsidiary, is set to accelerate its secondary battery business.

GeoSoft announced on the 26th that GeoSolution, newly established for the manufacturing of secondary battery materials, will proceed with a paid-in capital increase. The new shares, worth a total of 25 billion KRW, will be 100% acquired by GeoSoft.

The funds for the new share acquisition were secured as GeoSoft's largest shareholder, Chairman Kim Young-jun (CEO of GeoSoft and GeoSolution), injected 15 billion KRW into GeoSoft. GeoSoft announced a plan for a 15 billion KRW paid-in capital increase on the same day. Chairman Kim will acquire the shares at market price. GeoSoft will acquire new shares of GeoSolution worth a total of 25 billion KRW by combining the 15 billion KRW invested by Chairman Kim and additional available funds.

GeoSolution, established as a 100% subsidiary of GeoSoft, is a manufacturer specializing in nickel-plated steel sheets for secondary batteries and plans to launch a prototype in March 2023. After stabilization, it plans to mass-produce and supply the main product to the market starting from the third quarter of 2023. The factory site candidates are Daegu National Industrial Complex and Gimcheon Industrial Complex. The company stated, "We will soon purchase one site and build the factory."

A company official said, "We plan to accelerate the secondary battery business by completing the design of the mass production system for secondary battery materials and the factory construction design," adding, "Chairman Kim, who was a semiconductor equipment expert, is leading the effort by investing funds and participating in the development of mass production equipment for secondary battery materials to rapidly expand the new business."