Edison Motors Consortium "U&I Joins Ssangyong Motor Acquisition Team"

U&I Signs Business Agreement with Edison Motors-Edison EV for Ssangyong Motor Acquisition

[Asia Economy Reporter Hyunseok Yoo] Edison Motors Consortium announced on the 24th that U&AI, a KOSDAQ-listed company, has joined the Ssangyong Motor acquisition group.

Edison Motors, a strategic investor of the Edison Motors Consortium, and Edison EV signed a business agreement with U&AI on the same day to mutually cooperate in various ways for the acquisition of Ssangyong Motor.

U&AI, a medical device manufacturer, is diversifying its business into the energy sector by acquiring Infinity Works, a company specializing in secondary battery inspection equipment and electric vehicle chargers, through its subsidiary DM Power. This is expected to enable business growth through mutual synergy with the companies in the Edison Motors Consortium.

Infinity Works, a grandchild company of U&AI, has been conducting joint research on inspection technology in cooperation with LG Energy Solution in the secondary battery field. It also supplies inspection equipment. It possesses solutions supporting domestic and international electric vehicle charging, including 7KW slow chargers, 50KW fast chargers, 100KW large-capacity fast chargers, and 20KW mobile fast chargers used at electric vehicle charging stations. It is expected to contribute to the electric vehicle business.

Kang Young-kwon, CEO of Edison Motors, said, "After comprehensively reviewing U&AI’s electric vehicle charging business, technological capabilities, and future growth potential, we decided to participate as we judged the mutual synergy effect to be significant. If we acquire Ssangyong Motor, cooperation from several technologically capable companies is urgently needed for rapid business normalization." He added, "We plan to raise the necessary funds for Ssangyong Motor’s swift normalization from various domestic and international financial investors (FIs)."

Gu Ja-kyo, CEO of U&AI, emphasized, "The charging manufacturing technology, battery inspection technology, and experience we possess will combine with Edison Motors and Edison EV’s excellent electric vehicle production technology and related technologies. I am confident that we can achieve the rapid business normalization of Ssangyong Motor in the rapidly growing electric vehicle market."

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