Recyclico Battery Materials Inc. (AMYZF)

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Gomi Energy Delivery, an energy distribution platform company, announced today that it has secured an investment worth KRW 2 billion. The investment was executed through the ‘Lean Energy Investment Fund No. 1’ established by Lean Ventures, the corporate venture capital (CVC) arm of KOSDAQ-listed company SONID.

Gomi Energy currently distributes not only traditional energy such as petroleum but also various eco-friendly energy products nationwide from the four major refineries and suppliers, and its performance has reached a record high. In the second half of last year alone, the company recorded KRW 20 billion and KRW 620 million in sales and operating profit, respectively. This is a 123.1% and 480.3% increase in sales and operating profit from the first half of the same year, respectively. For the whole of last year, the company achieved KRW 29 billion in revenue and KRW 720 million in operating profit.

Gomi Energy said that although international oil prices will continue to fluctuate for the foreseeable future, it expects to continue its earnings growth this year as industrial production has revived since March and the unit price of oil sales has increased.

“As our parent company SONID has declared ESG management, we are preparing to build a waste battery recycling value chain that collects, dismantles, recovers, and recycles waste batteries,” said Kim Young-il, CEO of Lean Ventures, who led the investment. “We will work with Gomi Energy to create synergies in the EV charging business, battery recycling, and ESS-related businesses.”

“Through this investment, we plan to significantly expand new sales outlets and discover new sources of supply this year to strengthen sales growth and profitability,” said Kim Eui-jin, Co-CEO of Gomi Energy. “In the long term, we are also preparing an eco-friendly energy business to meet the growing demand for electric vehicles in collaboration with SONID, the parent company of Lynn Ventures, and will evolve and develop into an eco-friendly oil distribution platform operator.”

https://wowtale.net/2023/02/27/53514/