Inix, which has secured an early market for electric vehicle safety-related components, is showing strong performance. The recent news that U.S. authorities have launched an investigation into the Tesla electric truck fire incident on a U.S. highway appears to be influencing the stock price. As concerns over electric vehicle fires grow not only domestically but also internationally, demand for safety-related components is expected to increase.
As of 12:18 PM on the 23rd, Inix is trading at 19,360 KRW, up 23.31% from the previous day.
Founded in 1984, Inix has been producing and supplying key components for secondary battery safety, such as battery cell pads and fire-resistant partitions, since 2016. Focusing on battery cell pads and fire-resistant partitions, the company has secured a diverse product portfolio within the secondary battery value chain and supplies to domestic and international clients, strengthening its position in the secondary battery market. Battery cell pads and fire-resistant partitions help prevent fires during secondary battery use and delay fire propagation, securing the golden time for escape and rescue of electric vehicle occupants.
Inix raised 42 billion KRW through an initial public offering (IPO) earlier this year. The funds will be used to expand production capacity and advance overseas. The company plans to supply next-generation battery cell pads and other secondary battery safety solution products for electric vehicles.
Jang Jeong-hoon, a researcher at Samsung Securities, said, "While pouch battery cell pads are the main product, growth in fire-resistant partition products is expected going forward." He explained, "Fire-resistant partitions are products that prevent heat and flame transfer between cell modules regardless of cell format, such as pouch or prismatic, and delay fire explosions to enhance safety."
He added, "Although currently applied to only one model, the Kia EV9, contributing minimally to sales, expansion is expected in the second half of the year. As high-voltage battery vehicles grow, demand for fire-resistant partitions will increase, leading to sales growth and improved profitability."
Researcher Jang analyzed, "The order backlog from clients at the end of 2023 is approximately 344.4 billion KRW, which is about three times the annual sales of 2023." However, he noted, "While there is some order volatility as seen in the first quarter, the possibility of orders for fire-resistant partitions is an opportunity due to new model launch projects and the need for enhanced safety with the expansion of high-voltage battery vehicles."
Inix is enhancing secondary battery safety through research and development. It developed a battery module initial fire suppression microcapsule composite sheet. Initial delivery and testing were conducted for application in D company's small electric vehicle battery modules. The developed sheet will be applied and evaluated in fire test trials for battery modules of H company and L company. In collaboration with domestic companies, a continuous production process for composite sheets using UV ultraviolet light has been developed.
Since last year, Inix has also been developing fire-resistant insulating tape applied to battery system high-voltage BUS-BAR cables and fire-resistant pressure pads that block thermal runaway fires in battery cells.
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