Hanwha-backed H2 plans to go public next year H2 is the first Korean company that commercialized flow batteries
Translated by Kim So-in 공개 2021-10-27 08:09:10
이 기사는 2021년 10월 27일 08:07 thebell 에 표출된 기사입니다.
South Korean advanced energy storage company H2, which is backed by Hanhwa Group, plans to make its stock market debut next year.H2 has hired Mirae Asset Securities as its lead underwriter to go public in the second half of 2022, according to industry sources. It aims to complete the listing as late as early 2023.
H2 was founded in 2010 in Daejeon by experts who earned doctorate degrees from the Korea Advanced Institute of Science and Technology (KAIST). The company is an energy storage system (ESS) manufacturer specialized in vanadium redox flow battery which is an optimal solution especially for large-scale and long-duration energy storage.
ESS has been receiving increasing attention around the world amid the growing popularity of renewable energy. South Korean conglomerate LG Group’s affiliate LG Energy Solution has already been expanding its ESS business.
While ESS systems consisting of lithium-ion batteries carry risk of fire, H2’s cutting-edge EnerFLOW series energy storage using its own vanadium redox flow batteries is free from risk of explosion.
The vanadium redox flow battery has a long storage and cycle life. It generally has a life of 20,000+ cycles and over 20 life years, which is the longest amongst commercially available rechargeable battery. Due to this long life, it can dramatically reduce the total cost of ownership through low maintenance costs.
According to market researcher SNE Research, the global ESS market is expected to grow to 200 gigawatt-hour (GWh) by 2030.
H2 has already secured Hanwha Group as its strategic investor. The group reportedly owned a 19% stake in the company as of the end of 2020. Analysts assume that the group’s Hanwha Solutions made the investment.
KB Investment, KTB Network, Hanwha Investment, and Korea Development Bank (KDB) are among H2’s financial investors, which have invested a combined 16 billion won ($14 million) as of 2020. Recently, H2 raised 19 billion won from existing and new investors including KDB and Korea Investment & Securities in a new funding round.
“It is the only company in the country that succeeded in commercializing flow batteries, with Hanwha Group backing the company as a strategic investor,” said an industry source. “Given that the company raised 19 billion won in the recent funding round, its enterprise value and the initial public offering size are expected to be sizeable.” (Reporting by Kyung-ju Lee)
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