The secondary battery industry is drawing significant attention from many people, but understanding the terminology can be challenging. To get familiar with battery-related companies, it’s essential to grasp these terms. At the smallest unit, a battery is called a “cell,” which can be thought of as a single battery like the ones we commonly use. A group of several or dozens of cells bundled together forms a “module.” Combining several modules creates a “battery pack.” In electric vehicles (EVs), one battery pack is typically used per vehicle. A battery pack is essentially the result of combining chemistry, electricity, and electronics.
The system that comprehensively controls this battery pack is called the Battery Management System (BMS). The “battery system” refers to the combination of the battery pack, various connecting devices, and the BMS. The company we’re introducing today, Crest, is a South Korean firm that develops and supplies BMS and battery systems to its clients using its proprietary algorithm technology. Crest was founded in 2019 by Jung-Hwi Lee, who graduated from Seoul National University’s Department of Electrical Engineering and earned his Ph.D. from KAIST.
Before founding Crest, Lee worked as a senior researcher in the BMS group at SK Innovation and has over 20 years of experience in developing BMS and battery systems. But why does Crest, despite its strong focus on BMS technology, also manufacture entire battery systems? The answer lies in the industry’s limited understanding of the importance of BMS.
A quick online search for BMS reveals boards priced at just a few tens of dollars. Because of this, it is incredibly challenging to find customers who recognize the value of a BMS—a product that acts as the brain of a battery system but isn’t visible—and are willing to pay its fair price. To address this, Crest adopted a business model where it manufactures battery systems equipped with its own BMS to demonstrate their performance and sell them.

As mentioned earlier, explaining something intangible is challenging, so results must speak for themselves. In this regard, Crest has delivered significant achievements. The company exclusively supplies battery systems for logistics robots used in the Singapore and North American smart factories of a major South Korean automaker, referred to as H.
Additionally, to sell electronic products in the North American market, UL certification is required. Earlier this year, Crest obtained UL2271 certification, a designation held by only five companies in Korea: three large battery manufacturers, one mid-sized company, and one large company producing products equipped with Crest’s BMS. This accomplishment highlights Crest’s technological capabilities. Thanks to this expertise, Crest has operated profitably since its founding. In 2023, the company achieved 3 billion KRW in sales with a small team of about 10 employees.
Recently, Crest completed the development of a system called Intelligent BMS. This system addresses a major challenge in the battery industry: discrepancies between individual cells within a large-scale battery system. Over time, various factors can cause differences in the performance of individual cells. If these discrepancies exist, some cells may still require charging while others are already fully charged, leading to overcharging and potential fire hazards. As a result, the overall performance of the battery pack is determined by the “worst-performing” cell. Crest’s Intelligent BMS manages the charging and discharging of cells with varying conditions, ensuring stability and optimization for all cells. It truly lives up to its name as an “intelligent” BMS.
Although Crest’s revenue is stable, the company is seeking investment to take the next step in its growth. Regarding this decision, CEO Jung-Hwi Lee explained, “Just as the importance of software in computer systems is widely recognized, BMS, as the software of battery systems, will eventually become more critical than the battery pack itself. We aim to further advance BMS technology and elevate Korea’s battery industry to the next level through investment.” With additional funding, Crest plans to equip more batteries with Intelligent BMS, lower production costs through mass production, and expand into the global market.
Amid increasing concerns about battery system safety, particularly due to recurring EV fires, interest in BMS has never been higher. Reports that LG Energy Solution has deployed over 400 researchers to focus on BMS development reflect this heightened attention. With CEO Jung-Hwi Lee and the Crest team’s dedication to battery technology and BMS, it will be exciting to see how far they can go with the added support of investment. Interested investors are encouraged to reach out to Crest to explore opportunities.

What Problems Does Crest Aim to Solve?
Crest is a company specializing in the development and supply of battery systems. The problems we aim to address are closely related to the challenges that arise when using lithium batteries. In simple terms, our goal is to develop and supply battery systems that maximize safety, energy efficiency, cost-effectiveness, and user convenience. To summarize, we use advanced system technologies to create high-quality batteries and provide them to our customers.
Battery systems combine the chemical properties of batteries with electrical, electronic, and mechanical systems to create products that can be used immediately in vehicles, robots, and other applications. In other words, battery systems require expertise from multiple technical fields. Rather than being a static product, they require continuous improvement through ongoing technological development.
For instance, a recent article mentioned that LG Energy Solution has a dedicated BMS (Battery Management System) development center with over 400 Ph.D.-level researchers working on both the software and hardware of BMS. This illustrates how challenging it is to develop reliable BMS and battery systems.

How Does Crest Address These Challenges?
Crest provides safer, more efficient, and user-friendly battery systems through its proprietary technologies, including BMS, and continuous innovation.
To ensure the safety of battery systems, we design BMS and battery system structures to be robust yet efficient. By precisely monitoring and diagnosing the battery’s condition down to the cell level, we make sure the batteries can be used safely.
To create energy-efficient and cost-effective products, we evaluate the battery cells applied to our systems in advance, enabling optimal battery system design and operational patterns tailored to the cells.
To enhance user convenience, we provide real-time information about the battery through interfaces customized to the user’s environment.
In addition to developing and supplying products, we also provide technical support to users who find battery systems challenging to operate. This includes assistance throughout the product lifecycle, from selection and design to application, operation, management, and replacement.

What Are Crest’s Competitive Advantages and Technical Strengths?
Crest’s competitive edge lies in its proprietary BMS technology and its expertise in developing battery systems.
1. Comprehensive Lithium Battery System Expertise
We have in-house capabilities for all aspects of lithium battery systems, including BMS, pack structure, thermal management design, BMS algorithms, and battery evaluation. While many BMS and battery pack manufacturers rely heavily on electrical or mechanical system technology, Crest’s deep understanding of battery characteristics enables us to design optimal battery systems and operational patterns tailored to specific needs.
2. Robust and Reliable System Design
The reliability of a battery system is directly linked to safety and encompasses electrical, mechanical, thermal, and dynamic reliability. Unlike some competitors who compromise reliability for cost competitiveness, we prioritize reliability in our products. This commitment was officially validated in early 2024 with UL certification from an international performance evaluation organization.
3. Proprietary Advanced BMS Algorithms
We have developed precise BMS algorithms, including those for estimating state-of-charge (SOC) and state-of-health (SOH) as well as diagnosing normal and abnormal battery conditions. These algorithms provide users with detailed insights into the internal state of their batteries. Developing such algorithms requires domain expertise, specialized equipment, and significant time, making it a challenging endeavor.
Our SOC and SOH algorithms are recognized for their precision and durability, with accuracy comparable to world-class standards. Through these algorithms, our customers benefit from products that offer superior safety, efficiency, and convenience.
We have also independently developed algorithms for lithium iron phosphate (LFP) batteries and applied them in the field for years. While LFP batteries are inherently fire-resistant, their characteristics make them challenging to manage with BMS, requiring a high level of technical expertise in BMS algorithm development.

Leveraging our advanced algorithm technology, we have solved a significant issue faced by industry leaders and named it “Intelligent BMS.” In large-scale battery systems, such as those used in energy storage systems (ESS), cell discrepancies tend to grow as the system approaches the end of its life. This increases the risks of overcharging or over-discharging, and eventually, the system becomes unusable due to the weakest cell.
For BMS leaders, finding a cost-effective solution to address the complexity of large-scale systems has been a critical issue. By combining precise cell-level diagnostics with active balancing technology, we developed an advanced algorithm that offers an incredibly cost-effective solution, officially validated by certification from an accredited institution. Applying this technology not only extends the lifespan of battery systems but also significantly enhances their safety and stability.
What products and services does Crest offer, and what is the current status?
Crest specializes in lithium battery systems, including those used in robots, energy storage systems (ESS), and electric vehicles. Currently, we primarily supply battery systems for robots, focusing on logistics robots (AGV/AMR) for domestic and international factories.
Our products are custom-designed to meet the specific requirements of each customer, optimized based on the robot’s purpose and characteristics. Depending on the application, we use polymer, lithium iron phosphate (LFP), or cylindrical lithium-ion cells to deliver tailored solutions.
We are also actively enhancing our products to expand into new markets. One area of focus is the development of battery packs that can operate in extreme temperature conditions. We are collaborating with a robot manufacturer to test a prototype that delivers consistent performance even in extremely low temperatures. Following this, we plan to develop batteries capable of withstanding environments with significant temperature fluctuations, such as hot summers and cold winters. While batteries for electric vehicles face additional challenges, such as mechanical stresses from shocks and vibrations, we have already internalized much of the structural design technology to address these issues. By incorporating advanced temperature-resilience technologies, we will be ready to supply batteries for electric vehicles in the near future.

Another area we are pursuing is small ESS battery packs. We are in the final stages of testing prototypes and plan to position these products as replacements for emergency power supplies in buildings. For this, we are utilizing LFP batteries, which are known for their low fire risk.
Additionally, we are developing a “technical support system” and a “battery lifecycle management system” to provide faster, clearer, and higher-quality services alongside our products.
The technical support system will guide users on how to use batteries, resolve issues, and follow procedures in case of problems. It will use personal communication devices to provide intuitive, real-time information about battery status and troubleshooting steps, improving user understanding and accessibility. The lifecycle management system will create a comprehensive database covering every stage of the battery pack’s lifecycle—from deployment and operation to replacement. This system will help users manage batteries more efficiently.
What is the size of our target market, and who are our key customers?
Crest’s target market includes all sectors where lithium battery systems are used. For example, the electric vehicle battery market is projected to reach approximately $700 billion by 2030, and the ESS battery market is expected to grow to $65 billion by the same year.
Our initial focus, however, is the robot battery pack market. The global market for battery packs used in service robots, including logistics robots, is expected to grow from $10 billion in 2026 to $24 billion in 2030. In South Korea, the market is estimated to grow from 1.4 trillion KRW in 2026 to 3.2 trillion KRW in 2030. While this market might appear smaller than others, its annual growth rate of around 25% makes it a high-potential sector.
Our key customers in the robot battery pack market include leading robotics manufacturers such as Hyundai WIA, Hyundai Rotem, Russell Robotics, Syscon Robotics, and Mobius.

What is our business model?
Our current business model focuses on supplying battery packs for robots used in smart factories to robotics manufacturers. Specifically, we leverage our expertise to design and develop complete battery systems and BMS in-house. Using either procured or custom-made components, we assemble and test the battery systems. The key components are sourced through outsourcing or direct procurement.
In the future, once the field technical support system and battery pack lifecycle management system currently under development are completed, our business model will expand to include technical support services for battery systems alongside the development and supply of battery packs.
What are the achievements of our team so far?
Since 2021, we have been the exclusive supplier of battery systems for logistics robots used in the smart factories of Hyundai Motors, both domestically and internationally. Representative examples include Hyundai Motors’ factories in Singapore and Georgia, USA. After over a year of evaluation by Hyundai Motors, we were recognized for our technological capabilities, particularly the SOC algorithm, which is the foundation for battery system operation. We are also preparing to supply battery systems for logistics robots in Hyundai Motors’ domestic factories dedicated to electric vehicles.
Earlier this year, we obtained UL certification for four types of robot battery packs. Among these, one is a high-voltage model, which we believe is the first of its kind in Korea. Obtaining UL certification for battery packs is highly challenging, as it requires the reliability of BMS and battery pack hardware, as well as the functional safety of BMS software, to be rigorously validated. This certification serves as official recognition of the reliability of our BMS and battery systems. However, since this project was conducted under the name of the robotics manufacturer, we will need to undergo the certification process again for our own products. Fortunately, we are fully prepared for future certifications, allowing us to acquire them quickly.
Since the company was founded in 2019, we have completed over 200 battery supply projects for large and mid-sized factories, with all project records meticulously managed. Additionally, last year’s revenue reached approximately 3 billion KRW, and the company has consistently operated profitably and grown since its inception.
We have also achieved the following milestones:
1. We developed a technical solution to the longstanding challenge of extending the lifespan of battery systems with large-scale cells, branded as “Intelligent BMS.” This solution has been officially validated by accredited institutions.
2. In 2024, we were selected for the “1000+ Top-Tier Startups” project, which recognizes high-potential companies.
3. We have received continuous requests from large and mid-sized domestic companies to develop BMS and battery systems, with over 10 projects either completed or currently underway.
4. We have successfully registered six patents related to battery systems, with two more applications currently in progress.

What is the competitive edge of the Crest team?
Our team is built on a foundation of seasoned professionals with extensive experience in their respective fields, including work with leading domestic companies. Jung-Hwi Lee, our CEO and Head of Research, holds a degree in electrical engineering from Seoul National University and a Ph.D. from KAIST. With over 20 years of experience in BMS and battery development, he previously led BMS development at a major domestic battery manufacturer.
BMS hardware development is led by a Ph.D. engineer with over 15 years of experience, while our software development is headed by a computer application expert with more than 30 years of experience. Our production is managed by a team leader with 15+ years of expertise, quality control is overseen by a former quality management committee member from Hyundai Motor, and marketing is led by an MBA holder with over 20 years of experience.
Beyond our expertise, Crest fosters a workplace culture focused on sustainable growth. Our team members approach their work with dedication, responsibility, and strong collaboration. They thrive on tackling industry challenges and continuously work to improve their skills, making steady progress every day.
Why should we secure investment?
First, We possess strong technological capabilities, an extensive business network, and well-established production and quality management systems. Since our founding five years ago, we have maintained profitability with minimal funding.
Second, We have clear development plans for our products and services, as well as the expertise to execute and commercialize them effectively.
Third, With investment to establish a mass production system, we can overcome current limitations, such as competing with low-cost products and scaling the company. This would enable us to dominate the market with affordable yet high-quality offerings.

Is there anything else you would like to highlight?
The battery system industry, which Crest is helping to develop, has higher added value than the battery cell manufacturing industry and deserves greater attention from both the government and society.
Battery systems serve as a downstream industry for battery cell manufacturing and an upstream industry for applications like robotics and electric vehicles. This sector naturally creates more added value than cell manufacturing, requires less capital to grow, and carries lower risks.
While battery systems use cells, they are primarily focused on electrical and mechanical aspects rather than chemistry. This allows for faster performance outcomes compared to cell manufacturing. Although the battery system industry is not yet fully developed in Korea, it is already thriving in countries like the United States and China, where many specialized players are active. It is crucial for Korea to foster and grow this industry as soon as possible.
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