Philenergy, a subsidiary of Philoptics, said on Thursday it has won 80 billion won in order for electric vehicle (EV) battery equipment.
It is a rise of 578% from last year.
The amount includes the 25 billion won it has won on the month of August.
Philenergy attributed the increase to its newly developed stacking equipment and other assembly equipment beginning to be supplied to battery production lines in full.
Global EV battery makers are expected to spend 25 trillion won for the next five years in assembly facilities, its main revenue stream, a company spokesperson said. The company will aim to expand its market share to over 10%, they said.
Philenergy is a new company that spun off of Philoptics. The company is planning to create an office in Hungary __ where its major client Samsung SDI has a factory.