iTEC Aggressively Invests in High-Growth New Businesses... Expands Stake in B.E. Energy

ITEC (CEO Janghyuk Lee) announced on the 21st that it has expanded its shareholding by investing 2.15 billion KRW as BAEnergy (CEO Taeyoung Kang) is actively entering overseas markets. Following a recent investment of 10 billion KRW in BAEnergy, this additional investment increased the shareholding from 37.04% to 44.98%.

Founded in 2014, BAEnergy supplies battery logistic solutions, which incorporate specialized battery safety management system technology, including energy storage devices using secondary batteries, to global automakers such as Mercedes-Benz and Volvo.

According to the electric vehicle specialized media InsideEV, Mercedes-Benz's total electric vehicle sales in 2022 accounted for about 15% of Mercedes-Benz's total sales, including internal combustion engine vehicles. Battery-based electric vehicle sales more than doubled compared to the previous year. Volvo also saw its electric vehicle sales double compared to the previous year. Along with the growth in electric vehicle sales, the order volume for BAEnergy's related products is expected to increase significantly.

ITEC plans to continuously discover and invest in high-growth new technology companies such as Lead& (a robotics specialist) and BAEnergy (a secondary battery specialist) to maximize corporate value.