KOSEN Acquires Additional Shares in XRB... "Strengthening Vanadium Battery Business"

Kosen (CEO Kim Kwang-soo) announced on the 15th that it has additionally acquired shares of XR Battery (XRBi), a company specializing in Vanadium Redox Flow Batteries (VRFB).

With this additional acquisition, Kosen's stake increased by 5.63% from the previous 28.57%, reaching a total of 34.2%. This is now comparable to the largest shareholder's stake in XRBi.

XRBi is a company that developed the eXpandable Redox Battery (XRB), a secondary battery redox battery that complements the shortcomings of existing VRFBs. Through securing this new technology, it has succeeded in filing global patents including in the United States, and is the only company in Korea commercializing the technology using domestically developed technology and equipment.

Due to its design characteristics, XRB can be used for high-output, high-efficiency long-duration ESS (Energy Storage Systems). Additionally, by applying existing VRFB technology, it has realized high-output characteristics more than 2 to 3 times higher than conventional levels.

A company representative explained, "Vanadium batteries, which have overcome the biggest drawbacks of existing lithium batteries such as fire and explosion, are expected to show explosive growth in the renewable energy and power grid-related markets. This decision was made with confidence in XRBi's technological capabilities and the growth potential of the vanadium battery market." Numerous research and demonstration investment discussions are already underway with Korea Electric Power Corporation (KEPCO)-related companies domestically.

According to the company, XRBi plans to conduct demonstration projects in various markets this year. It is actively negotiating with renewable power producers, large buildings and data centers, EV charging operators, and is also preparing ESS demonstrations for off-grid use in Southeast Asian countries. Depending on the demonstration results, full-scale mass production is planned to begin by the end of this year or next year. According to the global market research firm IDTechEx, the ESS market is expected to grow to 58 trillion KRW by 2030.

Meanwhile, Kosen, responsible for production, is exploring measures to promote the business, including requesting the supply of a 10,000-pyeong site in the Saemangeum secondary battery specialized complex located in Jeonbuk Technopark to establish a new production plant.