According to Yonhap News,

(BEIJING=Yonhap News) A Korean startup has attracted a CNY 20 million (KRW 3.6 billion, USD 3.22 million) investment from a leading venture capital in China.

The Beijing office of the Korea Trade-Investment Promotion Agency (KOTRA) announced June 8 that Enbloc cell LLC, an enbloc cell manufacturer, signed an investment letter of intent with Founder Group, a leading venture capital in China, to establish a joint venture.

The Founder Group will fully invest in the joint venture and Enbloc cell LLC will acquire shares in accordance with its technology investment.

Enbloc cell LLC develops and produces environmentally friendly and economical next-generation batteries that have more than twice the battery life of common batteries. It is a Korean startup and holds more than 11 patents.

The company participated in the “Korea-China partnering project” in Zhongguancun, known as the Silicon Valley of China, last March and attracted the attention of Chinese investment venture capitals by introducing them to its products.

Startups are an emerging new trend in China, as Chinese President Xi Jinping and Premier Li Keqiang have declared a “new normal” era and suggested that startups are the country’s new growth engine and one that will drive the economy.

"We will support Korean startups so they can enter overseas markets by cooperating with organizations and companies at home and abroad," said Yoon Hyo-choon, Director of KOTRA’s Beijing office.

jslee@yna.co.kr

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Source Text

Source: Yonhap News (Jun. 08, 2015)

** This article was translated from the Korean.