G2Power Prepares for Temporary General Meeting to Attract Foreign Investment and Initiate US Market Entry

Smart grid specialist company G2 Power announced detailed plans on the 6th regarding the progress of its overseas business in the United States.

On the 24th of last month, G2 Power held a board meeting to resolve the establishment of a local corporation and the creation of a new business division as an agenda for entering the U.S. market. The board convened to call an extraordinary general meeting of shareholders. To advance G2 Power’s business entry and cooperation in the U.S. market in areas such as electrical equipment, renewable energy, secondary batteries, and ESS, the company resolved to submit agenda items for the December extraordinary general meeting of shareholders, including amendments to the articles of incorporation for attracting foreign capital investment from U.S. funds and the appointment of new U.S.-based directors.

Through continuous research and development, G2 Power has secured its own technological capabilities and has strived to expand its business portfolio from electrical equipment into renewable energy and smart grid sectors. Due to the explosive growth of artificial intelligence (AI) and the data market, the U.S. power market is entering a period of massive power grid replacement.

G2 Power has established a foothold for entering the U.S. market through a strategic consortium with the U.S.-based Five Stone Energy Group and affiliated funds. To rapidly attract foreign capital, the company plans to hold an extraordinary general meeting of shareholders in December to amend the articles of incorporation, including increasing the number of authorized shares and adding new business purposes, as well as appointing U.S. directors. G2 Power expects to receive full-scale investment from U.S. fund companies through these measures.

Kim Young-il, CEO of G2 Power, stated, "If G2 Power receives investment and support from the U.S. Five Stone Energy Group and overseas funds and proceeds with mergers and acquisitions (M&A) with foreign companies, G2 Power will transform into a global smart grid energy company beyond Korea."

Regarding foreign capital attraction and the establishment of the U.S. corporation, he added, "Our main strategy is to supply key core products produced by G2 Power to the U.S. government’s public procurement and the private energy market."

Having proven its technological capabilities in the domestic market, G2 Power is poised to enter the global market through collaboration with U.S. capital and technology.