IQ Lab Leading Power Semiconductor Localization, Sales to Double This Year

Securing Funds through Growth-Sharing Loans Supported by Jungjin-gong

Kim Kwon-je, CEO of IQ Lab, is a living witness to the history of domestic 'power semiconductors.' He has worked in the semiconductor and power semiconductor fields for over 30 years, serving as a researcher at Samsung Electronics Semiconductor Research Center, technical advisor at Japan's Sansha Electric, CEO of Power Solution, and Vice President in charge of the Zhuhai factory of China's InnoScience, before becoming the current CEO of IQ Lab. In 2008, when silicon carbide (SiC) power semiconductors were first developed in Korea, he led production as CEO of Power Solution. Later, he led the establishment of the power semiconductor production line at China's InnoScience, laying the foundation for InnoScience to grow into the world's largest gallium nitride (GaN) power semiconductor company.

In 2018, he founded IQ Lab, a company specializing in SiC power semiconductors, and this year he has embarked on a new challenge. Through large-scale investment attraction, he is building an 8-inch SiC wafer-based semiconductor production plant (Fab) in the Busan power semiconductor materials, parts, and equipment specialized complex. The sales target has also been set at more than double that of last year.

CEO Kwonje Kim

On the 24th, CEO Kim said, "This year, we will start production at our own 8-inch Fab and plan to secure additional factory sites." IQ Lab’s main product, SiC power semiconductors, complement the shortcomings of silicon (Si) power semiconductors. Compared to existing silicon semiconductors, they can withstand 10 times higher voltage and temperatures of several hundred degrees, with lower power loss and higher efficiency. Driven by the global carbon reduction trend, demand for renewable energy, and the development of electric vehicles, the market is rapidly growing every year.

However, despite the growth in the SiC power semiconductor sector, most of the market is dominated by companies from the U.S., Europe, and Japan. In this situation, IQ Lab’s success in domestic product localization is remarkable. In 2022, just four years after its establishment, IQ Lab achieved sales of 6.9 billion KRW, a 97% increase from the previous year, and last year, sales grew by 172% to 18.8 billion KRW. This year, the sales target is 42.1 billion KRW. Especially through the 8-inch wafer-based power semiconductor factory established in Busan, IQ Lab is expected to see significant sales growth as a comprehensive semiconductor company.

IQ Lab has been working with the Small and Medium Business Corporation (SBC) since its early growth stage. The year after its establishment, it received startup funds and new market entry funds from SBC. Even during the period when the investment market was tight due to high U.S. interest rates, SBC highly evaluated IQ Lab’s technological capabilities and growth potential and supported growth-sharing loans. Growth-sharing loans provide funds through investment methods such as redeemable convertible preferred stocks and convertible bonds to companies expected to have high future growth potential. Through this, IQ Lab was able to secure a total of 12 billion KRW in funds, including a 2 billion KRW investment from SBC. The funds are currently being used for securing new factory sites and R&D costs for 8-inch products.

CEO Kim said, "I manage and check performance by holding meetings while visiting multiple business sites daily, including the headquarters in Ansan, the sales office in Anyang, the production plant in Pohang, and the new factory site in Busan," adding, "Recently, we established an overseas dedicated department and increased personnel to continue efforts to secure overseas clients and develop new markets."

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