Korean startup Poen, which specializes in the remanufacturing of electric vehicle waste batteries, has successfully secured 39 billion won (USD 28 million) in Series B investment. Founded in 2019, Poen has shown remarkable growth, attracting seed investment in 2020, Series A in 2021, and now Series B funding, totaling 46.7 billion won (USD 33.7 million) in investments over five years.
Poen has pioneered technology to identify and remanufacture reusable batteries from discarded electric vehicle batteries. The company aims to lead the eco-friendly battery industry by commercializing this technology through strategic partnerships with major industry players, including Hyundai Motor Company, Kia, LG Energy Solution, SK ON, and CATL.
Strategic Partnerships and Technological Advancements
The recent investment round received support from significant domestic venture capitals such as DSC Investment & Schmidt, Hyundai Motor Securities, SJ Investment Partners, L&S Venture Capital, K2 Investment Partners, and E&Venture Partners. New institutional investors include the Industrial Bank of Korea, Shinhan Venture Investment, SV Investment KDB Capital, Hyundai Marine & Fire Insurance, and Lotte Rental (Lotte Ventures), reflecting strong confidence in Poen’s vision and technological capabilities.
With this fresh injection of capital, Poen plans to accelerate the advancement of its technology, focusing on the development and commercialization of battery modules and packs. The company aims to establish a robust environmental protection foundation and achieve a global standard circular economy. This includes sustainable practices in the electric vehicle industry, battery distribution, resource recycling, and establishing global branches to supply remanufactured batteries to major markets worldwide.
In 2024, Poen established subsidiaries in key international markets, including the US and Germany. The company has also garnered significant recognition, winning the Innovation Award at CES in Las Vegas, USA, and the Best Innovation Award for Used Battery at InterBattery, a premier domestic secondary battery industry trade show.
Choi Sung-jin, CEO of Poen, stated, “This investment attraction was made based on trust in our company’s vision and technological prowess. We are grateful for the support and will strive to spread our advanced battery remanufacturing technology developed in Korea globally, contributing to environmental protection and resource circulation.”
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