Kossen, a Korean steel pipe manufacturer and renewable energy company, has decided to buy a 55.43 percent stake in electric car maker ETH for 5 billion won ($4.3 million), the company said Tuesday.
In a regulatory filing, the company said it aims to make a foray into the electric car market by acquiring 1 million shares in ETH.
Established in 2003, ETH is a venture firm that produces an electronic storage system and other testing equipment for secondary cell battery used in electric vehicles.
The acquisition of majority shares in ETH is expected to bring diversification to Kossen’s existing business portfolio as the secondary battery business can be extended to solar energy and ESS sectors.
By Park Han-na (hnpark@heraldcorp.com)