South Korean battery developer Iljin Materials announced Nov. 13 that it has received 600 billion won ($512.47 million) in funding from local private equity firm STIC Investment through its unit in Malaysia.
The PEF directly funded Iljn Materials Malaysia through a “STIC special situation fund 2,” which it established in August this year.
The PEF will first invest around 300 billion won by buying the company’s convertible bonds this month and will decide the schedule for the remaining amount later.
Iljin Materials’ Malaysian unit currently operates a factory capable of producing around 10,000 tons of elecfoils, thin copper foils used mainly as components of rechargeable lithium batteries and semiconductors. The Korean company explained that it plans to use the new investment to expand its factory in Kuching, Malaysia, so as to produce around 80,000 tons of elecfoils annually.
The company added that if the expansion goes as planned, it will soon have the capacity to produce 100,000 tons of elecfoils total. It already has factories in Korea that can produce up to 20,000 tons.
Iljin Materials also laid out its long-term plans to have its Malaysian unit specialize in producing elecfoils for rechargeable lithium batteries and direct the Korean unit to focus on producing premium products such as elecfoils for use in semiconductors.
By Song Seung-hyun (firstname.lastname@example.org)