Korean Founder Of Battery Component Maker Becomes A Billionaire Amid Electric Vehicle Surge

s the growing popularity of electric vehicles charge up demand for battery components, shares of South Korea-listed chemicals group EcoPro have surged almost 230% since the beginning of the year, making its founder and chairman, Lee Dong-chae, a billionaire in the process.

EcoPro in February reported that revenue rose 275% last year to 5.6 trillion won from a year earlier, while net income decreased about 20% to 223.6 billion won due to a weaker Korean won. EcoPro BM is South Korea’s largest producer of cathodes for electric car batteries. The cathode is the single most expensive component of a battery cell, and cathode materials, such as lithium, nickel and cobalt, account for about a third of a battery’s cost. Its revenue for 2022 surged 261% year-over-year to 5.4 trillion won, while net income jumped 175% to 269 billion won.

Congratulations to the Korean founder of the battery component maker on reaching billionaire status! Electric vehicles are paving the way to a greener future.

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