Poen

About Poen

Poen, which stands for Positive Energy, is a South Korean startup operating in the climate tech and electric vehicle (EV) sectors. It was founded on November 18, 2019, by CEO Choi Sung-jin. The company originated as a Hyundai Motor Company in-house venture in 2018 after Choi, then a Hyundai engineer, recognized the environmental and economic issues of discarding high-value EV batteries due to minor faults or accidents. Poen spun off from Hyundai in July 2020 and has since focused on creating a circular economy for EV batteries.

The company's core business is the remanufacturing of used EV battery packs. This process involves diagnosing, disassembling, repairing, and reassembling battery packs, restoring them to near-new condition at a significantly lower cost than a new pack. By replacing only the faulty or deteriorated cells, Poen extends the life of the battery, offering an affordable alternative for EV owners, insurance companies, and service centers. The business model targets clients such as global car manufacturers for warranty repairs, as well as general consumers and insurance companies for battery replacements after accidents. Approximately 80% of the remanufactured packs return to vehicle use, while the remainder are repurposed for other applications like energy storage systems (ESS) or appropriately recycled.

Poen has established a comprehensive EV battery value chain, collaborating with major industry players like Hyundai Motor, Kia, LG Energy Solution, and SK On. Its services extend beyond remanufacturing to include residual value assessment, battery technology services for R&D, and the development of prototype battery packs for new vehicle models. The company has also entered the recycling pre-treatment sector by investing in a joint venture that crushes used batteries to produce 'black powder', a raw material for new batteries. The company has shown significant growth, securing a total of 46.7 billion KRW (approximately $33.7 million USD) in funding over five years, including a 39 billion KRW (approximately $28 million USD) Series B round in July 2024. With plans for global expansion, Poen established US and European subsidiaries in 2024 to tap into the North American and European markets.