Best Graphene Secures KRW 8 Billion Series A Funding to Accelerate Growth in the Battery Material Market
Reading Time: 2 minutesBest Graphene, a South Korea-based battery material development startup, announced today that it has raised KRW 8 billion in Series A funding. The round was led by KDB Capital, L&S Venture Capital, Now IB Capital, Seoul Investment Partners, SL Investment, Solon Investment, Hana Securities, and YMT.
Best Graphene was founded in 2017 and develops composite materials for batteries, additives for electronic components, conductive inks, and multifunctional coatings and composites using differentiated technologies based on functionalized graphene. The company holds 22 patents related to ultrafunctionalized graphene (UCMG) and graphene composite composition technology.
In this round of funding, Best Graphene received strong interest for its solutions for improving battery material performance through its proprietary functionalized graphene technology. Silicon cathodes are the next-generation battery material due to their higher energy density compared to graphite-based cathodes. However, there are side effects such as volume expansion, structure destruction, and delamination during repeated charging and discharging, so graphene coatings are required. Best Graphene’s functionalized graphene is reportedly easy to disperse and self-attach to the surface of the target material, enabling process convenience and quality improvement.
As the market for silicon cathode materials has been growing rapidly recently, functionalized graphene is also expected to be in high demand. According to market research firm SNE Research, the silicon cathode market is expected to grow at a compound annual growth rate (CAGR) of 76.6% from 2020 to 2027. By 2030, the market is expected to be worth KRW 7.2 trillion, accounting for 25% of the global cathode market.
With this investment, Best Graphene will accelerate its technological advancement. The company will use the investment to hire talented personnel and establish a specialized center for battery material analysis and development. It will also increase the production scale of functionalized graphene for secondary battery active materials and expand the technology development and production scale of graphene raw materials and composite materials.
“We were able to successfully secure this Series A investment because our functionalized graphene source technology is in the proof-of-concept (POC) stage with several leading industrial customers and is on the verge of mass production,” said Sungmin Jin, CEO of Best Graphene. “With sales expected to surge from 2024, we will continue our steep growth and aim for an initial public offering (IPO) in 2027.”
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