EDC provides US$15M to Vancouver battery firm for Korean expansion
Discover Energy Corp. is getting significant financing from Export Development Canada to acquire a manufacturing facility in South Korea
Exporting & Importing
Research & Development
Technology / IIoT
OTTAWA—Export Development Canada announced August 23 that it is providing US$15 million in financing to Discover Energy Corp. to acquire a manufacturing facility in South Korea to expand its operations internationally.
Vancouver-based Discover develops and distributes battery products for transportation, motive, energy storage and distributed power applications.
The financing will be used to acquire and expand an existing battery manufacturing plant, as well as for working capital support.
“The acquisition enables Discover to continue to expand its portfolio and introduce what we feel is the most significant improvement in performance, reliability, and life in starting, lighting and ignition batteries in 50 years,”
“This capital gives us additional resources to expand strategically and competitively into new markets, innovate rapidly and deliver our vision,” said Darwin Sauer, president of Discover.
The company has developed a new system to extend the life of automotive and commercial batteries in the rapidly expanding start-stop and anti-idle vehicle sector.
“Acquiring this plant will not only help with Discover Energy’s supply chains, but it will also help the company deliver on their innovation goals,” said Mairead Lavery, senior vice president, Business Development, EDC. “This new expansion positions Discover for real growth in a sector where advanced battery technology is required to support new fuel saving and reduced carbon emission vehicle technologies.”