South Korean auto parts supplier Halla Holdings Corp. announced Thursday it has made a 100 billion won ($85.5 million) strategic investment in electric vehicle battery separator manufacturer W-Scope Korea Co. (WCP) that is readying to go public next year.
Uplifted by the news, Halla Holdings shares jumped 12.2 percent to close at 55,200 won Thursday.
WCP was set up as a wholly-owned subsidiary of Japan’s W-Scope in 2005. It produces lithium-ion battery separators for electric vehicles, which is a core EV battery material making up 15-20 percent of the battery price. It has own technology in producing polymer films with a factory in Chungju, North Chungcheong Province.
WCP is building a European manufacturing base to start mass production by 2024 in cooperation with Samsung SDI Co. It plans to file for a preliminary application for initial public offering by the end of this year to go public in Korea by the first half of next year.
“WCP will be able to safely go public in Korea, considering its technical power and business outlook of the secondary battery industry. Starting the latest investment, Halla Holdings will seek more strategic cooperation with WCP such as establishment of joint sales network,” said an official from Halla Holdings.
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