SungEel HiTech is the first domestic battery recycling company to be listed on the KOSDAQ market. It is expanding its domestic and overseas EV battery recycling plants using public offering. SungEel Hitech is going under reviews for an IPO. It will enter the KOSDAQ market in July if it follows the schedule.
SungEel HiTech is a leader in the domestic battery recycling market. SungEel HiTech initially focused on the recycling of precious metals when it first established in 2000, but it has transformed into a recycling lithium-ion battery company since 2008. With recent increase in demand for recycling waste batteries, SungEel HiTech is expanding its recycling plants not only in Gunsan, Jeollabuk-do, but also overseas such as Malaysia, Hungary, China, India, and the United States. The annual total production capacity is 4200 tons, which is the largest in South Korea.
The investment industry estimates SungEel HiTech’s market capitalization to be at least KRW 600 billion. The company plans to invest KRW 200 billion in the construction of the 3rd plant in Gunsan after the public offering. It is also initiating to build plants in Europe such as Poland and Germany. The current major customers will be transforming from a finished battery manufacturers to a finished EV manufacturers when the recycling plant is completed in Germany.
CEO of SungEel HiTech, Kang-myung Lee, said, “Our goal is to sequentially expand the global green factory (recycling park + hydro center) in South Korea and Europe, and reach KRW 1 trillion by 2030 in sales. As the recycled battery market expands, our main customers will transform to not only battery companies but also finished car companies.” It is reported that SungEel HiTech is already in discussions with European auto manufacturers.
SungEel HiTech's sales in 2021 were KRW 147.25 billion on a consolidated basis, which is 123.32% increase from the previous year. During the same period, the operating profit was KRW 16.857 billion.
By Staff Reporter Tae-jun Park gaius@etnews.com