KIB Plug Energy "2025 Hydrogen and Fuel Cell Sales 419 Billion KRW"

On the 18th, KIB Plug Energy announced its hydrogen value chain business blueprint through a future business and management plan disclosure. According to the disclosure, the company plans to first establish hydrogen fuel cell production facilities and later expand the business scale to include hydrogen production facilities.

The fuel cell production facilities will be expanded to a scale of 100MW (megawatts) by 2025. Five facilities, each with a capacity of 20MW, will be constructed. Each business site is expected to generate approximately KRW 35 billion in sales and KRW 7.3 billion in operating profit. This year, two projects for fuel cell production are underway, and three additional projects are expected next year.

Subsequently, the company will enter the energy commercial business targeting the commercial electric vehicle and hydrogen vehicle markets. It plans to quickly enter the market through M&A (mergers and acquisitions). The company intends to supply hydrogen electric vehicles that utilize hydrogen produced at its production facilities. The energy equipment business will participate as a supplier of MBOP (Mechanical Balance of Plant) equipment and as an EPC (Engineering, Procurement, and Construction) contractor, expanding the business scale and expecting additional sales growth.

The company stated, "We will use a hydrogen production method based on heat exchange utilizing high-efficiency waste plastic pellets as raw material for fuel cell power generation," adding, "The produced hydrogen will be supplied to hydrogen vehicles, and in the long term, we are considering mergers and acquisitions of eco-friendly automobile companies."

KIB Plug Energy is currently reviewing eco-friendly companies producing automobiles using SKD (Semi-Knocked Down) or CKD (Completely Knocked Down) methods. Through this, the company aims to enter the city bus business, which is eligible for government support. In the future, it plans to directly manufacture city buses and develop hydrogen buses to increase its market share in hydrogen special-purpose vehicles.

A company official emphasized, "If we enter the eco-friendly vehicle and vehicle parts market, we expect the PER (Price-to-Earnings Ratio) multiple to be applied between 40 and 60," adding, "We will steadily promote new businesses based on the stability of the existing machinery and equipment sector."

Last month, KIB Plug Energy’s largest shareholder changed from Quro Group to KIB PE. The company name was also changed from Quro, and it is expanding its fields from existing heat exchanger and chemical equipment businesses to high-value future businesses.