15 May 2023 11:56

Rosatom nearly fully buys out South Korean manufacturer of energy storage systems - media

MOSCOW. May 15 (Interfax) - Rosatom state nuclear energy corporation has nearly consolidated South Korea's Enertech, the Kommersant publication reported, citing materials from Enertech.

Consequently, Rosatom's stake has increased from 49.16% to 98.32%. The deal took place last year, with Rosatom buying out shares from TVG Saehan Holdings Limited, an enterprise of Boris Zingarevich's Ener1.

Kommersant notes that Enertech was experiencing financial difficulties without an anchor customer, with its accumulated losses having reached $64 million.

The Rosatom enterprise RENERA initially acquired a stake in Enertech in 2021. The agreement signed between the parties at the time included the creation in Russia of production of lithium-ion cells and energy storage systems, which the company is now building in the Kaliningrad Region. Enertech acted as a technological partner in the project.

RENERA is an industry integrator for energy storage devices, with the company, under the RENERA brand, established based on Cathode Materials LLC, which is part of TVEL, the fuel division of Rosatom.