IBK Industrial Bank invests 6 billion KRW in Hyojin Auto Tech, a company specializing in carbon resource recycling

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank of Korea announced on the 6th that it has selected Hyojin Auto Tech as an investee company of the ‘IBK-KIP Growth Stepping Stone No.1 Private Equity Fund (PEF)’ and completed the investment.

The investment amount is 6 billion KRW, in the form of acquiring Hyojin Auto Tech’s redeemable convertible preferred shares.

Hyojin Auto Tech is a company possessing expertise and technological capabilities in precise automotive body processing and assembly. Since 2013, it has also entered the carbon resource recycling business and succeeded in developing plasma carbon conversion equipment.

An IBK official explained the reason for the investment, saying, “We expect growth not only in the stable automotive business sector but also in the carbon resource recycling business sector due to increasing demand for carbon conversion equipment in fields with high carbon emissions such as steel mills and power plants.”

The ‘IBK-KIP Growth Stepping Stone’ private equity fund was established in 2017 with a scale of 100 billion KRW to support small and medium-sized enterprises and mid-sized companies with high growth potential.

An IBK official said, “We will continue to actively supply venture capital to innovative companies related to the government’s carbon neutrality policy and the Korean New Deal for Green Growth.”

This content was produced with the assistance of AI translation services.