'Nest in KOSDAQ' Hanjung NS Confident in Success with Water-Cooled Cooling System

Hanjung NS, equipped with water-cooled cooling system technology, is transferring its listing from KONEX to the KOSDAQ market.

According to the Financial Supervisory Service's electronic disclosure system on the 3rd, Hanjung NS will issue 1.6 million new shares for its KOSDAQ market listing. The expected public offering price range is 20,000 to 23,500 KRW per share, aiming to raise at least 32 billion KRW. Demand forecasting for institutional investors will be conducted until the 5th, after which the public offering price will be finalized. The lead underwriter is IBK Investment & Securities.

Founded in 1995, Hanjung NS develops energy storage system (ESS) and electric vehicle (EV) components. It has expanded its business focusing on water-cooled ESS cooling systems. Based on its experience as the first company in Korea to commercialize water-cooled ESS cooling systems, it is developing next-generation products. It mass-produces key components of water-cooled cooling systems such as chillers, cooling plates, and heating, ventilation, and air conditioning (HVAC) systems, supplying them to Samsung SDI.

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With the development of data centers and artificial intelligence (AI), electricity demand is rapidly increasing. ESS demand is surging to resolve power supply and demand imbalances. Five U.S. states have mandated ESS installation, and Europe has announced guidelines to enhance ESS profitability and expand its distribution. Korea announced the 'ESS Industry Development Strategy' last October, which includes investing to achieve a 35% ESS market share by 2036.

As global ESS demand grows, the cooling system market is also expanding. Water-cooled ESS cooling systems offer efficient thermal management using cooling water and can be applied to high-capacity, high-density batteries. The ESS components division recorded a compound annual growth rate (CAGR) of 136% in sales from 2021 to 2023.

Sehun Son, a researcher at NH Investment & Securities, explained, "Domestic and international clients also need the water-cooled cooling systems that Hanjung NS monopolizes," adding, "It is expected that in the second half of this year, supply to global companies other than Samsung SDI will be possible."

Jemin Park, a researcher at SK Securities, also analyzed, "Based on the trend of ESS scaling and low maintenance costs, expansion of water-cooled components is expected," and added, "Compared to existing air-cooled systems, more batteries can be installed in a smaller area."

Hanjung NS plans to use the funds raised through the listing to expand production capacity for ESS products. The funds will also be used for research and development expenses and hiring research personnel to develop next-generation water-cooled ESS models, as well as for operating expenses and debt repayment.

Kim Hwansik, CEO of Hanjung NS, stated, "Hanjung NS holds a unique position in the ESS components market based on its core technology," and added, "We will continue research and development and target overseas markets to become a global strong small and medium enterprise."

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