[Startup Story Plus (+)] Kim Su-jin, CEO of Remplir

[Editor's Note] We revisit the CEO of a company previously featured on "Startup Story," the flagship segment of Money Today's startup media platform "Unicorn Factory," to hear about his business story, including his experiences, trials and errors, and efforts to overcome limitations.

Kim Su-jin, CEO of Remplir. / Photo = Reporter Park Ki-young

"Last April, we completed construction of a prismatic LFP (lithium-phosphate-iron) battery factory in Hwaseong, Gyeonggi Province, and began mass production. We are currently in the process of raising a Series B round and plan to significantly expand our production capacity by expanding the factory next year."

Kim Su-jin, CEO of Remplir, who met with us again after 11 months, responded to questions about the company's current business situation. Remplir conducted its first interview with Money Today's startup media platform, Unicorn Factory, in January, and was already accelerating its business to the point of expanding its factory. The currently operating plant in Hwaseong, Gyeonggi Province, has a capacity of 150 megawatts and is expected to generate approximately 30 billion won in sales when fully operational. This year, its first full year of operation, it is projected to reach 4 billion won.

Remplir is Korea's first LFP battery manufacturer, a startup aiming to domestically produce LFP batteries, a technology currently monopolized by China. The company has independently developed an "aqueous solvent process technology" that uses water instead of the traditional toxic solvent (NMP) in LFP battery manufacturing, producing "Korean-style, eco-friendly LFP batteries."

The company explains that this technology eliminates hazardous gases and toxic wastewater, making it environmentally friendly. Furthermore, it eliminates the need for NMP recovery and treatment facilities, giving it a competitive edge in price. Their main products are prismatic LFP batteries, including mid-capacity (230 amps) for trucks, heavy equipment, and agricultural machinery, and high-capacity (314Ah) for ESS (Energy Storage Systems). Recently, they are also producing pouch-type batteries for DRON.

Remplir is expediting its factory expansion due to the rapid growth of the ESS market, driven by factors such as the establishment of AI (Artificial Intelligence) data centers, which is also driving demand for LFP batteries. They plan to secure KRW 60 billion in Series B funding to build a 1.5-gigawatt plant, increasing their current capacity tenfold. After the expansion, the company expects sales to reach KRW 300 billion based on full capacity. The expansion is targeted for completion next year, and full-scale sales are expected to begin in 2028 after a two-year yield stabilization period. CEO Kim Su-jin stated, "Our goal is to become synonymous with Korean-style, eco-friendly LFP batteries. We also plan to enter the defense battery market, which has been monopolized by China."

Compared to NCM (lithium, nickel, cobalt, manganese) batteries, primarily produced by Korea's three major battery companies (LG Energy Solution, Samsung SDI, and SK On), LFP batteries have approximately 30% lower energy density, but are produced at half the cost and have a significantly longer lifespan. Furthermore, they offer a significantly lower risk of explosion compared to NCM batteries, but are monopolized by China. Recently, the three major battery companies also announced LFP battery production.

CEO Kim explained, "Lithium batteries were first developed with LCO (lithium cobalt) batteries, and NCM batteries reduce the costly cobalt content and increase nickel content to increase capacity. Higher nickel content increases the risk of explosion, but LFP batteries use iron phosphate instead of nickel, ensuring greater safety."

Last year, Remplir was selected as a participant in the Gyeonggi Technopark's Gyeonggi (Future Vehicle) project, part of the Ministry of SMEs and Startups' "Legend 50+," a regionally specialized small and medium-sized enterprise (SME) development program. The company is currently developing a 100-ampere, high-density prismatic LFP battery for electric vehicles.

Remplir also plans to participate in government and local government projects to replace electric batteries in internal combustion engine vehicles. Starting next year, the scope of internal combustion engine battery replacement will expand to include heavy equipment and ships, and the company plans to sign business agreements with heavy equipment conversion companies to continue supplying LFP batteries.

CEO Kim stated, "The factory expansion is expected to take approximately eight months. Our goal is to become the first LFP battery manufacturer in Korea and establish ourselves as a global standard in the battery market."

MoneyToday, Park Ki-young, pgys@mt.co.kr