YEST has become the largest shareholder of its affiliate Yes Power Technix.
YEST said Wednesday that it has bought shares worth 3 billion won of its affiliates.
Previously, YEST CEO Jang Dong-bok was the largest shareholder of Yes Power Technix with 37.2% stake __ this has now declined to 31.7%. YEST’s stake increased from 28.7% to 34.2%.
Last month, Yes Power Technix received 26.8 billion won in investment from SK Corp, which secured a 33.6% stake through the funding, become the company’s second largest shareholder.
SK invested into Yes Power Technix to expand in the silicon carbide (SiC) power semiconductor market.
Yes Power Technix said it plans to use the fresh funds to expand its existing production lines and for research and development in SiC power chips related to electric and hydrogen fuel-cell cars.
The company is the only one in South Korea that can design and manufacture SiC power semiconductors. It has 23 related patents and researchers with over 10 years of experience in SiC power chips.
The company has a production facility in Pohang that can produce both in 100mm and 150mm substrates, together able to produce chips from 14,400 substrates per year. This is enough to supply 140,000 units of electric cars.
A YEST spokesperson said it will expand in SiC power chips through the acquisition of additional stakes in Yes Power Technix. Coupled with funding and infrastructure of SK Group, the business will grow rapidly, they added.