HS Hyosung, a South Korean materials and AI developer, has entered the battery materials sector by acquiring EMM, a battery anode maker previously owned by Belgium-based Umicore. The €120 million investment, completed in late October, positions HS Hyosung within one of Korea’s key manufacturing industries and aligns with Vice Chairman Cho Hyun-sang’s strategy to secure critical technologies and intellectual assets for sustainable growth.
As part of the transaction, HS Hyosung and Umicore plan to establish a joint venture to oversee EMM’s operations, pending approval from the Belgian government. Officials said Cho personally traveled to Umicore’s headquarters several times to negotiate the deal, balancing this effort with his responsibilities as chair of the Asia-Pacific Economic Cooperation Business Advisory Council.
Umicore brings over 100 years of expertise in materials science, serving markets such as batteries, semiconductors, defense, and aerospace. EMM’s proprietary battery anode technologies will give HS Hyosung entry into the rapidly expanding global battery materials market, driven by growing electric vehicle adoption and ongoing AI innovation. The company projects that electric vehicles will account for nearly 40% of new vehicle sales by 2030, up from 20% in 2024.
HS Hyosung is focusing on silicon anode materials, which provide energy densities up to ten times greater than conventional graphite. This technology promises faster charging, improved range, and reduced battery costs, meeting rising demand from electric vehicles, robotics, and drones. Citing a QYResearch report, HS Hyosung noted that the silicon anode market could grow from $500 million in 2024 to $4.7 billion by 2031, while another analyst, SNE, forecasts it may reach $7 billion by 2035.
To integrate EMM and expand its battery materials portfolio, HS Hyosung plans to invest an additional 1.5 trillion won over the next five years in its Ulsan manufacturing complex. This funding will support reshoring critical production capabilities and create new jobs in Korea.
Source: The Korea Times
