South Korean conglomerate HS Hyosung Group has announced a €120 mn (KRW200bn / $128mn) investment in a joint venture with Belgian group Umicore to acquire The Extra Mile, a subsidiary specialising in battery anode materials. This move marks a strategic step for the group as it enters the high-density energy storage sector. The transaction is expected to be finalised in the coming months, pending necessary regulatory approvals.
Executive Vice Chairman Cho Hyun-Sang personally oversaw the negotiations, travelling several times to Belgium to conclude the agreement. This initiative aligns with his “value-based management” vision, built on leveraging technologies and intellectual assets. HS Hyosung is positioning silicon anodes as a long-term growth driver in its energy portfolio.
Silicon anodes at the heart of next-generation batteries
Silicon anodes are seen as a game-changing component for next-generation batteries, offering energy density up to ten times higher than graphite and enabling significantly faster charging. These characteristics could transform electric vehicle performance and drastically cut charging times. The technology is already attracting growing interest from global automakers and battery manufacturers.
The global battery market is expanding rapidly, driven by rising electric vehicle sales, which exceeded 20% of all registrations in 2024. That share is expected to reach 25% in 2025 and nearly 40% by 2030, or around 47 million units. The emergence of new uses, such as robotics and drones powered by artificial intelligence, is further boosting demand for high-capacity, fast-charging storage solutions.
A fast-growing market and expansion strategy
According to QY Research, the global silicon anode market is projected to grow by an average of 40% annually, from $500mn in 2024 to approximately $4.7bn by 2031. SNE Research estimates the market could reach $7bn by 2035. This dynamic is attracting manufacturers aiming to position themselves in a high-potential, innovation-driven segment.
At the same time, HS Hyosung continues to diversify its business, with existing operations in carbon fibre, advanced mobility materials and AI- and digital transformation-based business models. This new direction enhances the industrial coherence of the group’s portfolio, focused on storage technologies and high-performance materials.
Local investment and industrial reinforcement in South Korea
Following the acquisition, HS Hyosung plans to invest KRW1.5tn ($957mn) over five years to build large-scale silicon anode production capacity in Ulsan, the group’s historic birthplace. The project aims to bring part of the industrial activity back to South Korea, creating highly skilled jobs in the field of advanced materials.
This initiative forms part of the national strategy to reinforce industrial competitiveness and secure supply chains for critical materials, alongside sectors such as semiconductors, shipbuilding and defence. By investing in silicon anodes, HS Hyosung contributes to consolidating South Korea’s role in the global energy storage supply chain.
