KIB Plug Energy Acquires BK Dongyoung Tech, Holder of All-Solid-State Battery Technology

KIB Plug Energy announced on the 17th that it will acquire a 51% stake in BK Dongyoung Tech, which holds commercial solid-state battery technology.

Founded in 2010, BK Dongyoung Tech is a company that produces lithium-free solid (LFS) batteries, a type of solid-state battery, and energy storage systems (ESS). The LFS battery has strengths such as ▲approximately 5 times faster charging speed compared to lithium-ion batteries ▲operation in low temperatures of minus 40 degrees and high temperatures above 70 degrees ▲cost competitiveness ▲lower explosion risk. The company explained that it fully meets the Ministry of Environment's subsidy payment criteria, and benefits from this are expected accordingly.

BK Dongyoung Tech has also commercialized ESS facilities developed with its own technology for signs and lighting in Taean. In August last year, it signed a Memorandum of Agreement (MOA) for battery supply with SAEAN Group, an electric vehicle specialized company headquartered in Nevada, USA. SAEAN Group is preparing to produce electric vehicles in South Korea, the United States, Saudi Arabia, Australia, Malaysia, and other countries.

A KIB Plug Energy official said, "Through the acquisition of BK Dongyoung Tech, which possesses unique technology related to solid-state batteries and LFS batteries, we have secured both technological capability and market dominance," adding, "It is meaningful that the value chain related to eco-friendly energy has been expanded."

He continued, "We will strive to maximize synergy with Beomhan Motors, an electric and hydrogen vehicle specialized company acquired last year, and the hydrogen energy business."

Meanwhile, BK Dongyoung Tech is led by CEO (Chief Executive Officer) Ki-Hong Lee, a former Samsung Electronics engineer, and CTO (Chief Technology Officer) Ju-Sik Park, who holds a Ph.D. in Industrial Engineering from Myongji University and served as an energy technology evaluation committee member at the Korea Energy Agency. Since May 2019, Dr. Gil-Haeng Lee's energy team from Korea Etri has also joined to provide technical support.