Gyeongbuk Province, Gumi City, and Bobaek CNS Sign Investment MOU ... 100 Billion KRW Investment

Development of Insulator Technology and Mass Production of Products for Secondary Batteries

On the 5th at 5 PM, Gumi City held a memorandum of understanding (MOU) signing ceremony for investment between Boback CNS, Gyeongbuk Province, and Gumi City at the city hall auditorium, attended by Dongjo Seo, CEO of Boback CNS, Dalhee Lee, Deputy Governor for Economy, the chairman of the city council, and other heads of organizations and institutions.

Gumi City Hall.

This investment agreement plans to invest a total of 100 billion KRW by 2026 and employ 186 people, focusing on strengthening technology capabilities for secondary battery insulators to prevent battery leakage and explosion accidents, which are chronic problems of electric vehicles (EVs).

Additionally, Boback CNS intends to leverage its unique know-how to develop and supply various products such as thinner and lighter battery protection insulators and cell insulation compared to competitors, expanding its supply chain worldwide.

Boback CNS was established in 2012 and is a company that produces electric vehicle insulators, flame-retardant materials, and components based on IT technology.

Based on years of accumulated insulator technology, the company holds several patents and recorded sales of 39.5 billion KRW at the end of 2021. It aims to achieve sales of 170 billion KRW by 2024 and plans to be listed on the KOSDAQ market in 2025.

Boback CNS currently has overseas subsidiaries established and operated in Southeast Asia (Indonesia), Europe (Czech Republic, Poland), and North America (Canada), where LG, Hyundai, and Samsung SDI have production corporations.

Mayor Jangho Kim expressed his gratitude, saying, “I sincerely thank Dongjo Seo, CEO of Boback CNS, for making bold investments in Gumi City,” and added, “We will spare no administrative and financial support so that local companies can grow into core suppliers of secondary battery materials and components and thrive globally,” sharing his thoughts on the MOU signing.