70% of Investment Funds to Local Companies... EcoPro Partners Achieves Cumulative Assets Under Management of 100 Billion Won

Established for 3 Years... Starting This Year, Overseas Secondary Battery Companies Also Discovered

EcoPro Group announced on the 14th that its venture capital (VC) company, EcoPro Partners, is about to surpass a cumulative assets under management (AUM) of 100 billion KRW within three years of its establishment.

As of the end of last year, EcoPro Partners' cumulative AUM stood at 99.98 billion KRW, and it is expected to exceed 100 billion KRW in the first quarter of this year.

EcoPro Partners has created a total of 15 investment funds so far, and by liquidating one fund formed solely last year, it achieved profitability for the first time since its founding.

EcoPro Partners invested 70% of its capital in secondary battery and environmental industry venture companies located outside the Seoul metropolitan area, aiming to discover the "second EcoPro."

Looking at EcoPro Partners' investment status by industry, the secondary battery sector accounts for the largest share at 39%, followed by bio (15%), electronic components and materials (15%), software (12%), eco-friendly (12%), and semiconductors (7%).

Representative secondary battery companies invested in by EcoPro Partners include Sungil HiTech (recovering precious metals through recycling of used batteries), Mintech (manufacturing and providing services for battery diagnostic equipment using impedance technology), and Soul Materials (thermal management materials). Sungil HiTech entered the KOSDAQ market in July 2022, and Mintech is preparing to enter the stock market this year.

Founded in July 2020, EcoPro Partners made its market debut as a corporate venture capital (CVC). Since its establishment, it has been led by CEO Lee Jae-hoon, who has served as chairman of the Korea Technopark Promotion Agency and as a professor at Yeungnam University.

When former EcoPro Chairman Lee Dong-chae established EcoPro Partners, he reportedly told CEO Lee, "EcoPro grew from a local venture employing talent from regional universities into a global battery cathode material company," adding, "Now that we have some leeway, we want to support local venture companies." He emphasized that "building a solid battery and eco-friendly venture ecosystem will greatly benefit the national economy."

Starting this year, EcoPro Partners plans to discover overseas secondary battery companies. Last year, the holding company EcoPro transferred all its shares in EcoPro Partners to EcoPro America.

Kim Ho-gi, Head of Management at Mintech, said, "Thanks to timely funding from EcoPro Partners, we were able to achieve stable growth," adding, "Following 2021, we received funding again last year, which allowed us to advance our technology and expand production facilities."