U&I Changes Name to 'EdisonInno'... "Promoting Participation in Edison Consortium"

[Asia Economy Reporter Yoo Hyun-seok] U&AI will change its company name to Edison Inno and plans to participate in a consortium to acquire Ssangyong Motor.

On the 22nd, U&AI announced that it will change its trade name to Edison Inno. On the 11th, Edison EV acquired 2.8 million shares of U&AI through a third-party allotment paid-in capital increase, becoming the largest shareholder. It appears to be part of the CI integration process as a member of the Edison Group, centered on the electric vehicle manufacturer Edison Motors.

U&AI plans to hold its regular shareholders' meeting on the 31st. The agenda includes ▲amendment of the articles of incorporation ▲appointment of inside directors. The company name will be changed to Edison Inno, an abbreviation of Edison Innovation. Going forward, U&AI aims to grow and develop as a technology-intensive company overseeing new automotive technology business divisions within the Edison Automotive Group, including autonomous driving, smart BMS technology, MSO coil motor technology, AI technology, and electric vehicle charging business. Furthermore, it plans to grow into an advanced automotive parts company covering both software and hardware automotive components, similar to Hyundai Mobis of the Hyundai Motor Group.

A company official stated, "Through proper procedures in the future, U&AI will also play a key role in the consortium led by Edison Motors to acquire Ssangyong Motor," adding, "Funds raised through U&AI are also expected to be used for the acquisition payment of Ssangyong Motor, among other purposes."

The candidates for inside directors are three individuals: Kang Young-kwon, current chairman of Edison Motors; Han Cheon-su, current vice chairman of Edison EV; and Kang Dong-joo, CEO of Remed Nexcare. Chairman Kang and Vice Chairman Han are scheduled to join the board of directors as U&AI becomes an affiliate of Edison EV.

Chairman Kang Young-kwon, who acquired Edison Motors, participated in the acquisition battle stating he would transform Ssangyong Motor into a leading electric vehicle company, ultimately securing the status of preferred negotiator last year. In January, he paid the official deposit and signed the contract. During this process, the acquisition of Semisysco (now Edison EV), which is strengthening its electric vehicle business, was completed. Vice Chairman Han Cheon-su, a former vice president of finance at Kia Motors, was also recruited.

Edison Motors, recognized for its technological prowess in the electric bus sector and gradually expanding its market share among the leaders, plans to attract funds through listed companies such as Edison EV and Edison Inno (name to be changed) and maximize synergy effects through mutual joint technology development and technology transfer.

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