Korean startup POEN, specializing in the remanufacturing of used electric vehicle (EV) batteries, has raised 39 billion KRW in Series B funding. 

The funding round saw follow-on investments from DSC Investment, Schmidt, SJ Investment Partners, e&Venture Partners, K2 Investment Partners, and L&S Venture Capital. New institutional investors included Korea Development Bank (KDB), Shinhan Venture Investment, SV Investment, KDB Capital, Hyundai Marine & Fire Insurance, and Lotte Rental (Lotte Ventures). Since its founding in 2019, POEN has secured a total of 46.7 billion KRW in investments over approximately five years.

POEN has developed technology to select and remanufacture reusable batteries from used EV batteries. By commercializing this technology, the company has positioned itself as a leader in the eco-friendly battery industry through partnerships with major players in the manufacturing sector. POEN has built an EV battery value chain platform in collaboration with prominent companies such as Hyundai Motor, Kia, LG Energy Solution, SK ON, and CATL.

With this latest investment, POEN plans to accelerate the development and commercialization of battery modules and packs, further enhancing its technological capabilities. The company aims to contribute to the sustainable EV industry, promote battery distribution, recycle resources, and protect the environment by establishing a global presence and supplying remanufactured batteries to key markets.

This year, POEN established subsidiaries in major countries, including the United States and Germany. The company has received the Innovation Award at CES and the ‘Best Innovation Award for Used Batteries’ at InterBattery, a leading domestic secondary battery industry exhibition.

POEN’s CEO, Sungjin Choi, stated, “This investment reflects the trust in our company’s vision and technological capabilities. We are grateful and committed to spreading our advanced battery remanufacturing technology globally to contribute to environmental protection and resource recycling worldwide.”