Korean-based construction machinery electrification solution specialist ELLECT has secured pre-Series A investment from Magna Investment and The Invention Lab. The investment amount is undisclosed.

Founded in February last year by engineers with experience at major domestic and international companies, ELLECT is developing its main product, the ‘ECO Cube’ construction machinery electrification solution module. This product can convert internal combustion engine excavators into electric excavators upon installation.

The ECO Cube can reduce carbon emissions to zero and cut fuel costs by up to 90% by converting internal combustion engine excavators, which emit fifty times more carbon than cars annually and consume significant amounts of fuel, into electric excavators.

Last August, ELLECT received seed investment from Busan United Holdings and was selected for TIPS in October.

ELLECT CEO Choi In-gyu stated, “With this investment, we will accelerate our entry into domestic and international markets to become the Tesla of the electric construction equipment industry within the next ten years.”