Ulsan Center for Creative Economy and Innovation (hereinafter referred to as Ulsan Center) announced that BS1 was selected for the TIPS program, a private sector-led nurturing program of the Ministry of SMEs and Startups.
TIPS is the government's flagship technology startup support program, a collaboration between the Ministry of SMEs and Startups and private investment firms. It identifies and nurtures startups with technology products poised to lead the global market. By being selected for TIPS, BS1 will receive up to KRW 500 million in R&D funding and an additional KRW 200 million in support for startup commercialization and overseas marketing.
This selection was made through the recommendation of Ulsan Center, BS1's investment arm and TIPS operator. Ulsan Center invested in BS1 as a general partner (GP) of the Ulsan TIPS Venture Investment Association. The association's co-GP includes Unist Technology Holdings, and Ulsan Metropolitan City is a major investor (LP).
BS1 manufactures high-performance sintering vessels used in the diversifying sintering process for secondary battery cathode materials. With the recent expansion of high-nickel cathode material production, improving the quality of sintering vessels is increasingly recognized as a competitive advantage for secondary batteries. BS1 possesses differentiated process technology that addresses fundamental sintering vessel challenges, such as durability in high-temperature and high-pressure environments and lithium corrosion. The company is pursuing development in response to the diverse requests of secondary battery manufacturers.
Through this TIPS project, we plan to develop customized sintering vessels for each customer to produce various cathode materials required by the electric vehicle market based on our existing technological capabilities, thereby accelerating sales growth and market expansion.
Lee Jae-ik, Chief Fund Manager of Ulsan TIPS Venture Investment Association, said, "The fierce competition in the electric vehicle market is driving the development of various secondary battery materials. BS1, with its differentiated process technology for sintering vessels, which account for up to 10% of secondary battery costs, is a company deserving of global expansion, and we have recommended it to TIPS. We anticipate that this TIPS selection will help BS1 become a globally competitive leader in the secondary battery cathode material sintering vessel market."
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