Witz , a power transmission solutions company, announced on the 30th that it has decided to increase capital through a third-party allocation of approximately 5 billion won, targeting GS Energy and GS Neotek. The funds raised through this capital increase will be used to invest in research and development (R&D) to improve electric vehicle (EV) chargers and charging infrastructure.
Witz aims to secure a diverse lineup of chargers tailored to market needs, including mid-speed and fast chargers and ultra-light and high-power EV wireless chargers, thereby fostering business growth and strengthening its competitiveness in the EV charger market.
On the same day, Witz signed an agreement with GS Energy subsidiary GS Chargebee to develop and supply electric vehicle chargers. The two companies have already been jointly developing a smart, controlled EV slow charger (7kW), and through this agreement, they plan to continue expanding their charger product lineup and technological collaboration.
A Witz official said, “This investment is a case in which our technological competitiveness and growth potential have been recognized,” and added, “Through the investment participation of GS Energy and GS Neotek and the collaboration with GS Chajibi, we expect to expand our share of the domestic EV charging infrastructure market and enhance our competitiveness in winning large-scale project orders.”
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