[IPO] GridWiz "Leap to Global Energy Data Tech Company"

Kim Gu-hwan, CEO of Gridwiz, is holding a corporate presentation on the 24th in Yeouido, Seoul, ahead of the company's listing on KOSDAQ. / Photo by Gridwiz

"We will connect all energy data to provide sustainable, efficient, and safe clean energy services, creating a world where everyone can enjoy clean energy."

Gridwiz, a leading domestic energy data tech company (CEO Kim Gu-hwan), revealed its strategy and vision for listing on the KOSDAQ market at a press conference held on the 24th at the 63 Building in Yeouido.

Founded in 2013, Gridwiz operates primarily in the energy data tech sector. The company is expanding its business areas across various energy technology fields, including ▲Demand Response (DR) ▲E-Mobility (EM) ▲Energy Storage Systems (ESS) ▲Photovoltaic (PV) businesses.

Through its DR business, Gridwiz utilizes approximately 1.8GW of demand resources to help maintain the balance of the power grid, while also operating diversified distributed energy services such as EM, ESS, and PV businesses. The total capacity of distributed resources owned by the company is about 3GW, equivalent to the output of three nuclear power plants.

Based on its diversified business portfolio, Gridwiz has achieved steady growth. After acquiring IDR Service in December 2020, the company’s consolidated revenue increased from 40.4 billion KRW in 2020 to 131.9 billion KRW in 2023.

Currently, Gridwiz is the number one DR operator in Korea, holding a high market share of 47% based on last year’s settlement amount. The company has built a diverse customer portfolio across various industries and sectors, demonstrating superior control capabilities compared to competitors, achieving a 99% customer retention rate and generating stable cash flow.

The EM business involves manufacturing and selling modems and chargers installed in electric vehicles and charging stations, as well as providing bidirectional charging and discharging solutions by mutually monitoring the status of electric vehicles and the power grid. Gridwiz has established the first product portfolio in Korea certified with international standards.

Gridwiz’s EM business has shown remarkable growth, expanding from 10 customers and 200 million KRW in sales in 2015 to 83 customers and 12.6 billion KRW in sales last year. The company counts three of the top five domestic manufacturers?CAHEVI, EVSIS, and MODERNTEC?as clients and operates overseas businesses in 20 countries worldwide.

Additionally, Gridwiz analyzes customers’ power usage patterns to provide optimal ESS and PV operation services. The company’s entrusted ESS operation capacity reaches 875MWh, and its PMS (Power Management System) oversees operations at 32 sites. Besides operation services, Gridwiz also holds EPC records of 7 projects (ESS) and 12 projects (PV). Leveraging its accumulated experience in ESS and PV businesses, the company has solidified its foundation for the virtual power plant (VPP) market.

Gridwiz plans to use the funds raised from this public offering for research and development, strengthening its global network, and securing mid- to long-term growth drivers such as sales and acquisitions. Through this, the company aims to expand its business into V2G (Vehicle to Grid) services and localize EM business production bases in the U.S. and Europe, aspiring to become a global energy data tech company. V2G technology connects electric vehicles to the power grid, utilizing EV batteries as ESS by discharging remaining power during driving to supply and sell electricity to the grid, as well as enabling charging of EVs at low prices during power oversupply.

Kim Gu-hwan, CEO of Gridwiz, stated, "Based on proven technology, Gridwiz has been striving to secure energy data for product and service development. Through this KOSDAQ listing, we will grow into a global energy data tech company leading the clean energy transition era."

Meanwhile, Gridwiz plans to offer 1.4 million shares in this IPO, with a desired price range of 34,000 to 40,000 KRW per share. The offering size is expected to be between 47.6 billion and 56 billion KRW, with a post-listing market capitalization estimated at 270.2 billion to 317.9 billion KRW. Gridwiz will conduct demand forecasting for domestic and international institutional investors over five days until the 29th and hold a general subscription on June 3rd and 4th. Samsung Securities is the lead underwriter.