Korean Startup Innoable Lab Gains Funding for Eco-friendly Battery Materials

Korean Startup Innoable Lab Gains Funding for Eco-friendly Battery Materials

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The Korean startup, Innoable Lab, focused on developing essential materials for secondary batteries, has secured seed investment from Busan United Holdings, with the exact amount undisclosed.

Founded in June 2022, Innoable Lab is gearing up for the technological advancement and commercialization of cost-effective, high-density Lithium Iron Phosphate (LFP) cathode materials to meet the increasing demand for environmentally friendly electrical energy. Recognizing the future growth potential in both domestic and international secondary battery markets, the startup successfully attracted seed investment from Busan United Holdings.

An official from Busan United Holdings stated, “Innoable Lab’s CEO, leveraging years of experience in designing LFP cells for secondary batteries in China, has optimized Lithium Iron Phosphate—a cathode material with substantial growth potential. The team’s expert proficiency in developing materials for secondary batteries played a significant role in our decision to invest.”

Innoable Lab’s CEO, Lee Kyung-mo, shared, “With the absence of a dedicated domestic company specializing in Lithium Iron Phosphate cathode materials, we plan to use the funds from this seed round to secure additional proprietary technologies, file patents, and establish a strong presence in the market for core materials in secondary batteries. Our goal is to reshape the secondary battery material market by ensuring competitive pricing and quality for our independently developed Lithium Iron Phosphate cathode materials.”

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