LS Cable & System Secondary Battery Subsidiary LS Materials Listed

by Park Sunmi

Published 03 Apr.2023 09:15(KST)

LS Cable & System announced on the 3rd that it will list its subsidiary LS Materials to actively develop it as an 'eco-friendly energy materials and components specialized company.'

LS Materials employees are producing capacitors at the Gunpo factory in Gyeonggi-do.

On the 3rd, LS Materials signed a lead underwriting agreement with KB Securities and Kiwoom Securities. It plans to file a preliminary review by June and pursue a KOSDAQ listing within the year. This is the second company to be listed by LS Cable & System following LS Cable & System Asia.

LS Cable & System stated, "As the first listed subsidiary in the renewable energy and electric vehicle business, LS Materials will lead LS Cable & System's related businesses," adding, "We plan to focus investment and development on new growth engines in the future."

LS Materials is the global leader in large-sized products in the ultra capacitor (UC) market, known as the 'next-generation secondary battery.' UC offers advantages such as high-speed charging and discharging and long lifespan. It is used to replace and complement primary batteries and lithium-ion batteries (LIB). It is mainly used in wind turbine generators, semiconductor factory UPS (uninterruptible power supply), factory automation, and automated guided vehicles (AGV). Last year, LS Materials recorded consolidated sales of 162 billion KRW and an operating profit of 14.5 billion KRW, representing increases of approximately 28% and 73% respectively compared to the previous year, driven by increased exports to North America.

Hong Young-ho, CEO of LS Materials, said, "UC can complement the shortcomings of existing secondary batteries, so its application fields will rapidly expand," and added, "We will focus on electric vehicle charging station ESS, aluminum parts for electric vehicles and hydrogen fuel cells as three new growth engines to create new opportunities."