KIB Plug Energy Completes Acquisition of Beomhan Motors, a Specialist in Electric and Hydrogen Buses

KIB Plug Energy, a company specializing in the production of heat exchangers, announced on the 12th that it has completed the acquisition of a 50% stake in Beomhan Motors, a company that produces and sells eco-friendly buses.

Earlier, the company held a board meeting on the 25th of last month and decided to acquire 50% (8 million shares) of Beomhan Motors for 16.8 billion KRW. The acquisition was made by signing a stock purchase agreement with SUM Global, a shareholder of Beomhan Motors.

The company stated, "Beomhan Motors is a company that has obtained all certifications from the Ministry of Land, Infrastructure and Transport for domestic production," adding, "It owns production facilities for electric and hydrogen buses in Haman-gun, Gyeongsangnam-do, and the production process is expected to shift from the existing semi-knocked down (SKD) assembly to the more profitable completely knocked down (CKD) assembly method."

In July, KIB Plug Energy's largest shareholder changed from Q-Log Group to KIB PE (Private Equity). The company is expanding its business areas from existing heat exchangers and chemical equipment to high value-added future businesses such as the hydrogen value chain. With the acquisition of Beomhan Motors, it is expected to accelerate its energy commercial business from electric and internal combustion vehicle parts companies to the commercial electric vehicle and hydrogen vehicle markets.

A KIB Plug Energy official emphasized, "We will accelerate new businesses to benefit from government policies for the transition to clean energy such as hydrogen energy," and added, "Starting this year, when Beomhan Motors begins domestic production, significant sales are expected to occur."

Meanwhile, President Yoon Suk-yeol stated at the G20 Summit held in New Delhi, India, on the 9th (local time), "South Korea, which operates the largest number of hydrogen vehicles in the world, will take the lead in the hydrogen economy by promoting technological cooperation and global collaboration for establishing international standards throughout the entire production and utilization cycle."

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