October 28, 2021

A new Korean billionaire has been minted as a result of the electric vehicle boom

2 min read

Chunbo Chemicals‘ shares have risen about 40% since the start of the year, making the firm’s founder and co-Chief Executive Officer, Lee Sang-ryul, a billionaire. The company’s shares have risen almost 40 percent since the year began, riding the growing excitement for the electric vehicles.

Lee, who will be 60 years old next month, is the company’s largest stakeholder, owning about a third of the company in his own right. Seo Ja-won, his wife, who serves as the other co-Chief Executive Officer, owns approximately 10% of the company. Their two daughters, Lee Hyun-ji, each own approximately 5% of the company. According to Forbes, Lee, his wife, and their two kids have a combined net worth of $1.2 billion.

Chunbo, located in central Korean city of Chungju, manufactures chemicals for use in lithium-ion batteries, which are used to power electric cars. According to the business, its chemicals increase battery life while also preventing overcharging. Some of the company’s clients include Chinese battery manufacturer CATL (Contemporary Amperex Technology) and the Samsung SDI, the battery unit of the Korean giant Samsung. Chunbo, which was formerly known as Chunbo Fine Chem when it was established in 1997, also does manufacture chemicals for use in display panels, medicines, and semiconductors.

During the calendar year 2020, the company stated that revenue increased by 15% to about 155.5 billion won ($131.7 million), while net income improved by 19% to about $23.2 million (27.4 billion won). During the current fiscal year, Chunbo intends to generate $214 million (250 billion won) in revenue, with its batteries division accounting for around 70% of total group revenue.

Chunbo went public on Korea’s technology-rich Kosdaq stock exchange in early 2019, generating $86 million (100 billion won) to fund the expansion of production capacity as well as future research and development. This was followed by a spot on Forbes Asia’s Best Under a Billion, a yearly ranking of 200 high-performing small & medium listed firms from the Asia-Pacific area.

Prior to founding Chunbo, Lee served as vice president of research and development at cleaning supplies maker Hanvit Chemical and as a research assistant at the Dong Yang Chemical, currently known as OCI. He received his master’s degree in the chemical engineering from the Hanyang University situated in Seoul and his bachelor’s degree in the chemical engineering from the Seoul National University of Science and Technology (SNUST).

Other billionaires from around the world have been able to see their fortunes rocket as a result of the electric vehicle boom, which has been fueled by stricter auto-emissions legislation around the world. Tesla CEO Elon Musk momentarily surpassed Jeff Bezos, Amazon founder, as the world’s wealthiest person in January; Musk is currently ranked No. 2 on Real-Time Billionaires list, which is updated daily. Furthermore, CATL’s stock has over doubled in value over the past year, propelling the company’s creator, Robin Zeng, to Number 52 on Billionaire’s list of the world, up from number 139 the year before.

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