Jieosoft Breaks Ground on JieoSolution Factory in Daegu National Industrial Complex... Investment Agreement with Daegu City

(From the left) Kim Young-jun, CEO of GeoSoft, and Kwon Young-jin, Mayor of Daegu, are taking a commemorative photo after signing an investment attraction agreement on the 28th.

GeoSoft announced on the 28th that it has designated the factory site of its secondary battery material manufacturing subsidiary, GeoSolution, as the Daegu National Industrial Complex and signed an investment agreement (MOU) with Daegu City.

GeoSolution is a subsidiary established by GeoSoft to enter the secondary battery material manufacturing industry, currently with a capital scale of 35 billion KRW. The initial capital was 10 billion KRW, but it was recently increased to 35 billion KRW through a paid-in capital increase of 25 billion KRW. Of the new shares subscription amount, 15 billion KRW was directly injected by Kim Young-jun, the largest shareholder and CEO of GeoSoft, into GeoSoft and then invested into GeoSolution.

CEO Kim, originally a system engineer, founded Oasis Market in 2011 to enter the distribution industry and entered the online dawn delivery market, growing sales from 19.3 billion KRW in 2015 to 357 billion KRW in 2021, about 18.5 times.

GeoSolution’s main business is manufacturing nickel-plated steel sheets for cylindrical battery cases used in electric vehicle secondary batteries. Cylindrical batteries are the most stabilized in process and price among vehicle secondary battery types, making mass production and supply easier. The company expects demand to increase from other electric vehicle makers and battery manufacturers as Tesla, the world’s number one electric vehicle brand, uses them. The company stated, "We plan to launch a nickel-plated steel sheet prototype in March next year," and "After stabilization, we plan to mass-produce and supply the main product to the market from the third quarter of next year."

CEO Kim said, "We chose Daegu as the new business site, judging it to be the optimal location with both material suppliers and buyers nearby," adding, "We will invest the capabilities and technology of GeoSoft, based on IT technology that succeeded with subsidiary Oasis Market, to ensure the successful development of GeoSolution’s new business."

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