AR Aluminum, a subsidiary of global electric vehicle parts specialist Almec (CEO Sang-ho Shin), announced that it completed a second paid-in capital increase of USD 7.5 million (approximately KRW 10.4 billion) on July 18.
This paid-in capital increase was conducted in the form of a shareholder allocation in which only the US global electric vehicle manufacturer participated among the existing shareholders. Since its establishment in 2022, AR Aluminum has received a first investment of $5 million from a US electric vehicle manufacturer, and this second investment is expected to be an opportunity to increase capital and strengthen partnerships.
The paid-in capital increase amount of $7.5 million is analyzed as a result of evaluating AR Aluminum's corporate value at approximately KRW 268 billion.
The company plans to use the funds secured through this investment to build an aluminum recycling process starting in the third quarter. It is expected that by introducing an eco-friendly system that recycles recycled aluminum scrap, it will be possible to strengthen cost competitiveness and respond to environmental regulations such as carbon border taxes. Through this, it is also expected to secure a price premium.
This investment is expected to play an important role in strengthening AR Aluminum’s vertical integration system.
Almec has been supplying electric vehicle parts to major overseas markets such as North America and Europe and has expanded its cooperation with global automakers. Recently, it signed a parts supply contract worth 190 billion won with a global automaker in the U.S., further solidifying its position in the North American market.
“Despite the uncertain economic situation in the U.S., we have succeeded in raising $7.5 million in funding from a global automaker partner in the U.S.,” a company official said. “This will be an important stepping stone for continued growth in the global electric vehicle parts market.” He added, “We will continue to grow our business by meeting global customer needs through future R&D and production expansion.”
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