SAN JOSE, Calif.–(BUSINESS WIRE)–EGTRONICS Co., Ltd. has recently been awarded with the “2020 Korean Small and Medium Venture Business Awards” in the technology innovation category by the South Korean Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of SMEs and Startups (MSS).
Established in 2008, EGTRONICS is a Korean manufacturer of electric vehicle parts and communication power supplies and is a key partner of major domestic and overseas eco-friendly vehicle manufacturers and 5G mobile communication companies.
It has been widely recognized for its competitiveness in the industry by developing high-efficiency, low-noise circuit technology for converter and inverter products, which are key parts of electric vehicles. The company was able to achieve an electrical energy conversion efficiency of 97% compared to the competitors’ efficiency rating of 80 to 90%.
Company Technology Use Cases
EGTRONICS supplied key components of hydrogen electric buses that operated during the 2018 PyeongChang Olympics. The company has been a supplier to Hyundai Motors since 2009 and became the sole supplier for fuel-cell electric trucks of Hyundai Motors.
Notable Products: DC-DC Converter and MCU
The company’s flagship product is the DC-DC converter which optimizes the battery capacity through its special algorithm. It is a core product for the eco-friendly vehicle and can be applicable from passenger use to commercial use such as buses and trucks. EGTRONICS is a global leader in DC-DC converter manufacturing as it is the only company in the world to produce converters that are specialized for 10kW capacity batteries.
Through over two years of research, EGTRONICS had succeeded in developing the Motor Control Unit (MCU) which integrates power inverter and battery charger in a modular form.
The MCU offers various benefits such as reducing the volume and weight of the parts as well as increasing the fuel efficiency of an EV. It also minimizes the electrical noise of the components which improves the stability of the system.
Investments and Expansion
The investors expect the company will be playing a big role in the growing EV market due to its technology and potential. EGTRONICS has already received investments of USD 7 million from major venture capital companies such as KB Investment, BNK Ventures, and Intervalue Partners. The investors’ confidence in the company comes from the fact that it is the world’s first company to commercialize both the converters and the inverters.
The company exports its commercial vehicle parts to Europe and North America while supplying parts for small vehicles such as motorcycles to India. Turkey’s Bozankaya and Poland’s WB Group are some of the main partners.
To accommodate the increase in demand, a new production facility will be in operation in 2021, which will double its production capacity to 300,000 units per year. In addition, its R&D center has recently completed the construction.
“The 10 years of R&D of our company will give EGTRONICS the edge to compete with any company in the world,” said Chan-Ho Kang, the CEO.