AI Korea, a company specializing in advanced equipment and precision process automation, is moving forward with a full-fledged KOSDAQ listing through a SPAC merger. AI Korea announced on the 13th that it had submitted a securities report to the Financial Supervisory Service for a merger with Korea’s 14th SPAC.
AI Korea is a company that specializes in developing and manufacturing advanced industrial automation equipment for ▲secondary batteries ▲semiconductors ▲displays ▲ammonia internal combustion engines, etc. Based on high value-added technologies such as plant piping engineering, process automation, and plasma technology, it is establishing a leading position in the industry by introducing various innovative products.
AI Korea's main products and solutions include the 'Central Electrolyte Supply System (CESS)', 'Process Piping (PP)' which is responsible for the design, procurement, and construction of the entire piping system of a secondary battery plant, and 'Atmospheric Pressure (AP) Plasma Dry Cleaning Equipment'.
AI Korea’s CESS, the world’s first developed product, is a product that automatically handles the unloading, storage, and injection processes of electrolyte, one of the four key materials for secondary batteries, with a single facility. It supplies products to the three major domestic battery manufacturers, LG Energy Solution, Samsung SDI, and SK On, as well as global joint ventures, such as Ultium Cells (LGES+GM) and Starplus Energy (Samsung SDI+Stellantis), and is recording the No. 1 global market share.
AI Korea has achieved remarkable results in the process piping business sector by successfully completing the Star Plus Energy US Plant 1 project based on its professional plant piping engineering capabilities. In addition, it recently launched new automated equipment such as dust collectors and collectors, completing the lineup of automated equipment covering the assembly process.
AI Korea recorded accumulated sales of KRW 76.2 billion, operating profit of KRW 6.4 billion, and net profit of KRW 7.1 billion on a consolidated basis through the third quarter of last year, driven by increased demand for CESS and the performance of its large-scale process piping business. AI Korea achieved sales of KRW 67.2 billion and KRW 76.8 billion in 2022 and 2023, respectively, and is showing a steady upward trend in performance every year.
AI Korea expects the growth trend to continue this year and next year, as major battery manufacturers are expanding their facilities and large-scale orders are expected for the OLED display dry cleaning equipment sector.
AI Korea has supplied a number of AP plasma dry cleaning equipment and ultrasonic dry cleaning equipment to the top display manufacturer in Korea. With the demand for small and medium-sized OLEDs continuing to increase, AI Korea is expected to benefit from the OLED super cycle that will occur next year with the launch of Apple’s foldable device.
Meanwhile, AI Korea is also focusing on developing next-generation power plant core equipment. Recently, AI Korea announced that its self-developed catalyst-based ammonia cracker (decomposition equipment) recorded a decomposition rate of 80% at 800℃.
The equipment is evaluated as a core technology essential for the operation of ammonia internal combustion engines along with plasma-based ammonia crackers. The company expects that there will be a lot of interest from the shipbuilding and automobile industries. Ammonia is easy to store and transport and does not emit carbon, so it is attracting attention as a key to the future eco-friendly energy transition.
An official from AI Korea said, “This KOSDAQ listing will be an opportunity to further strengthen the company’s technological prowess and global competitiveness,” and added, “We will continue to strengthen the company’s position in the secondary battery, OLED display, and ammonia internal combustion engine markets that are expanding globally through active technological development.”
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