November 23, 2024

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GS Ventures CEO Heo Jun-nyeong (ninth from left) and executives of startups pose for a picture at the GSV Tech Day, at GS Tower in Gangnam, Seoul, on Monday. (GS Ventures)

GS Group’s corporate venture capital arm, GS Ventures, said Tuesday that it has successfully hosted Monday's GSV Tech Day at GS Tower, the conglomerate’s headquarters in southern Seoul.

Initiated last September, GSV Tech Day provides a platform for startups within the venture capital unit's investment portfolio to exchange technology and cooperate.

This year's event was themed on the future of batteries, featuring eight startups specializing in battery-related technologies. The event was also attended by executives from GS Energy, GS Engineering & Construction and other GS subsidiaries.

Among the eight startups was Mitra Chem, a Silicon Valley-based company recently renowned for its lithium iron phosphate, or LFP, batteries following an investment from General Motors. Discovered by GS Futures, the group's California-based venture capital arm, Mitra Chem has maintained its relationship with GS Group.

The remaining seven startups were identified and invested in by GS Ventures. Six of them are based in Korea, while Goiku Battery, a quick battery diagnostic equipment startup, comes from Japan.

Executives from GS Energy and GS E&C, who are advancing new projects related to battery recycling, were also present at the event, leading to activating discussions from a business commercialization perspective. GS Energy has solidified its battery recycling business by establishing a joint venture with Posco, Posco-GS Eco Materials, while GS E&C is building a battery recycling plant in Pohang, North Gyeongsang Province.

Since its inception as GS Group’s first venture capital unit in 2022, GS Ventures has been forming venture funds with GS companies to invest in startups. Under GS Group Chairman Huh Tae-soo, who emphasizes future growth with startups and ventures as a core growth strategy, the group has actively pursued investment activities.

By Park Se-ra (serap1005@heraldcorp.com)