Solum (CEO Jeon Seong-ho) is accelerating the development of new power sector markets through government R&D support.

Solum announced on the 26th that it has been selected for the 'World Class Plus' project hosted by the Ministry of Trade, Industry and Energy and will accelerate the expansion of new businesses and the improvement of its constitution as a platform company.

'World Class Plus' is a project that promotes corporate growth and strengthens global competitiveness by assisting mid-sized and potential mid-sized companies with growth ambitions and technological potential to enter new markets and develop future strategic technologies.

△Semiconductors, displays, ICT convergence new industries, bio-health, etc. 16 strategic projects and 28 items will be supported, and selected companies will receive research and development expenses of up to KRW 1 billion per year (average KRW 750 million) for up to 4 years.

It is interpreted that Solum's market differentiation strategy and future growth potential were effective factors in selecting this project.

In the early days of the company, sales to Samsung Electronics were mainly focused on power modules and 3-in-1 boards, but now ESL has become a profitable product and cash cow.

The Ministry of Trade, Industry and Energy believes that if the steady growth of ESL is combined with the development of high value-added power product groups, export synergy effects can be created. I thought it was that.

In addition, the company possesses a production and sales network through local corporations and is making efforts to expand local partnerships, so it is evaluated as having all the capabilities necessary for an export-expanding company.

Solum plans to use this project selection as an opportunity to explore new markets in the power sector. With the overall TV market slowing, Solum is seeking new growth avenues by restructuring its product portfolio to include more profitable products like electric vehicle chargers, LED lighting, and server power modules.

Among new businesses, the company is prioritizing eco-friendly energy. For the electric vehicle charger business, the company recently partnered with a Vietnamese state-owned enterprise to participate in a national renewable energy project. SoluM possesses all the core capabilities necessary for the electric vehicle charger business, ranging from power conversion technology and communications technology to hardware and software.

Power modules for electric vehicle chargers are scheduled for shipment in the third quarter of this year. Compared to competitors, they boast a longer product lifespan and superior heat resistance, enabling high output even at temperatures up to 60°C. Hardware ID settings for each charging module facilitate the identification and repair of malfunctioning devices. Furthermore, the company plans to produce prototypes of a high-voltage battery management system (BMS) and energy storage system (ESS) within the year, with mass production scheduled for the first quarter of next year.

We are also accelerating our LED lighting business, which has emerged as a solution to the power shortage. We plan to develop an environmental sensor within the year that can control the brightness of individual power sources and control lighting fixtures based on collected on-site data. We plan to showcase our solutions in countries with high energy demand, such as Germany, Monaco, and Switzerland.

Power modules for servers are a growing field, driven by the growth of the data center market, driven by the spread of non-face-to-face culture and the expansion of diverse online services. Based on business references with the largest server suppliers in North America, Solum plans to expand its customer base to China and Taiwan, which have large related markets.

The ESL division aims to solidify its position as the undisputed leader by transforming into a platform company. SoluM explains that it will secure additional software technologies that optimize services to meet customer needs and distribute them as a cloud-based (SaaS) subscription service. Furthermore, it plans to expand its application to include factories, logistics centers, smart factories, and hospitals. SoluM anticipates that this diversification from its existing product-centric export structure will contribute to improved company-wide margins.

Solum's Ban Hwi-kwon, head of the management support office, said, "We expect tangible results in our entry into new business areas through this selection as a 'World Class Plus' company," and added, "We will use this as a great opportunity to improve our business structure in the future."

Meanwhile, the World Class Plus project selection agreement ceremony is scheduled to be held in mid-July.