SkyMoon Technology (hereinafter SkyMoon) has completed a 70 billion KRW funding round and is set to actively invest in new areas of the secondary battery industry.
On the 18th, SkyMoon announced that eight entities, including Zoomwe Hong Kong New Energy Technology Co., Ltd. (hereinafter Zoomwe), a subsidiary of Zhongwei New Materials (CNGR), have completed the payment for convertible bonds (CB). Combined with the rights offering completed last month and existing cash reserves, the company has secured over 80 billion KRW in large-scale investment funds.
SkyMoon plans to focus the secured investment funds on new businesses such as acquiring securities of other companies for the production and sales of secondary battery materials. In particular, based on cooperation with CNGR, the global number one precursor company and its largest shareholder, SkyMoon intends to pursue aggressive investments including mergers and acquisitions (M&A) and joint ventures (JV).
A SkyMoon representative stated, “The use of the secured funds exceeding 80 billion KRW has largely been specified, and we are currently negotiating detailed terms with contracting parties. At the extraordinary general meeting scheduled for the 13th of next month, we will present the direction of the new business and demonstrate concrete business results as soon as possible by leveraging CNGR’s leading technology and overwhelming production capacity.”
Meanwhile, CNGR, which became the largest shareholder through last month’s rights offering, is the global number one precursor producer. It has achieved the highest global market share for four consecutive years in the nickel-cobalt-manganese (NCM) ternary precursor market, which is the main focus of domestic battery companies. The company explained that aligned with CNGR’s global network expansion strategy, SkyMoon will also rapidly enter the domestic precursor market.
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