Enerzin Completes Acquisition of DKME Management Control...Expectations for Lifting Trading Suspension and Business Restructuring

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Enerzin has completed the acquisition of management control of DKME, a KOSPI-listed company, and is launching a full-scale management improvement initiative. With the change in the largest shareholder, restructuring of the governance structure and capital injection are also underway, raising expectations for synergy between the two companies.

On April 20, Enerzin announced that it had signed a share purchase agreement (SPA) with DKME Inc., the former largest shareholder of DKME, centering on the transfer of management control, and is currently proceeding with the process to change the largest shareholder. In addition, it is also reviewing measures to support DKME’s financial structure. At the extraordinary shareholders' meeting scheduled for next month, the current directors and audit committee members will resign, and a new management team recommended by Enerzin is expected to be appointed.

DKME is currently subject to a substantive eligibility review for listing due to issues related to its previous major shareholders, and its stock trading has been suspended. Through this acquisition, the company is expected to meet the Korea Exchange’s requirements for management improvement, namely: participation by a sound acquirer, genuine capital injection, and governance restructuring. Based on its financial soundness, with a debt ratio below 50% as of the end of last year, Enerzin plans to strengthen management transparency by injecting capital and restructuring governance in parallel.

Founded in 2011, Enerzin specializes in equipment for extreme environments, producing high-pressure hydrogen storage containers, hot isostatic pressing (HIP) machines, and hydrogen refueling station equipment. Last year, the company recorded consolidated sales of approximately 100 billion won.

Enerzin was recognized for its technological capabilities by winning the grand prize at the 2022 H2 Innovation Award and the silver prize at the 2024 H2 Award, and also succeeded as the first company in Asia to deliver large-scale HIP equipment. The company currently holds 62 domestic and international patents and exports equipment to global markets such as the United States, Norway, Poland, and Japan. CEO Hwang Ingi, an engineer-turned-executive, previously led LED Lightec to a turnaround after acquiring the company during rehabilitation proceedings.

There are also high expectations for business synergy. DKME has traditionally produced shell-and-tube heat exchangers and pressure valves, while Enerzin possesses next-generation heat exchanger technology called PCHE (printed circuit heat exchanger). PCHE offers superior miniaturization and the ability to withstand high-temperature and high-pressure environments, making it applicable to hydrogen, small modular reactors (SMR), and aerospace industries. The industry anticipates that combining the two companies' technologies and manufacturing infrastructure will enable expansion into new energy equipment markets.

Hwang Ingi, CEO of Enerzin, stated, "We are well aware of the difficulties faced by minority shareholders due to the prolonged trading suspension. Through a responsible acquisition, capital injection, and management renewal, we aim to resolve the reasons for the suspension of trading. At the same time, by combining Enerzin’s PCHE technology with DKME’s existing shell-and-tube technology, we will enhance our business competitiveness."

He added, "After the transaction is completed, we plan to simultaneously strengthen internal controls, improve governance, expand new orders, establish an R&D roadmap, and enhance communication with shareholders with the management normalization task force (TF) at the center."

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