IL Science is showing strong performance. The news that it is planning to expand its second factory in Cheonan, Chungnam to respond to the increase in automotive electronic component orders seems to be influencing its stock price. Previously, IL Science signed an investment agreement with LG Innotek to apply silicon light-emitting diode (LED) lenses to automotive lighting. The related equipment will be installed at IL Science's factory to produce LG Innotek's newly launched 'Nexslide-M'.
As of 1:54 PM on the 1st, IL Science was trading at 4,590 KRW, up 815 KRW (21.59%) compared to the previous trading day.
The Nexslide-M was first unveiled at the international electronics exhibition 'CES 2023' held in Las Vegas, USA, last January. LG Innotek, which had previously participated in CES with non-public displays, revealed it to the general public for the first time. This was interpreted as a strong commitment to actively pursue the automotive lighting market.
The Nexslide-M is four times brighter than previous products. It can emit light up to 500 candelas (cd), the global regulatory standard for daytime running lights (DRL). By eliminating the air layer inside the lighting, the product thickness was reduced to 8 mm, about 30% of the previous product's thickness. Its flexible design allows for enhanced completeness in vehicle lighting design.
IL Science developed the world's first silicon LED (light-emitting diode) lens. It is expected to create synergy by combining with LG Innotek's technology. Silicon lenses have advantages over other lens materials in that they transmit light better and diffuse it evenly over longer distances. While existing plastic lenses have a light extraction efficiency of about 75%, silicon lenses reach up to 95% efficiency.
IL Science plans to expand the application of silicon lenses from the general lighting market to the automotive market. Along with the expansion, it is also preparing for overseas market entry.
According to the global market research firm 'Presidency Research', the global automotive lighting market was valued at $33.04 billion (approximately 44 trillion KRW) in 2022 and is expected to reach $56.17 billion (approximately 72 trillion KRW) by 2032.
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