Nain Tech aims for over 60% revenue growth in 2022

Nain Tech CEO Park Geun-noh said the company is aiming to increase its annual revenue in 2022 by over 60% compared to a year ago.

Park told TheElec during the company's annual shareholders’ meeting on Tuesday that the Covid-19 pandemic had caused its customers to delay spending on facilities and placing orders, which will take place this year.

Last year, the company recorded 63.1 billion won in revenue, a drop of 4.2% from 2020. Nain Tech also recorded 7.6 billion won in operating loss in 2021.

Park said one of its customers, LG Energy Solution, was aggressively expanding its battery production capacity.

Nain Tech will follow this lead to aggressively win orders, the CEO said.

Sources previously told TheElec that LG Energy Solution was currently developing various new assembly processes such as single lamination and direct stacking.

Nain Tech was aiming to develop equipment that can be used for these new processes.

Meanwhile, earlier this month, the company also announced that it has secured a 60% stake in battery pack maker Talos, which supplies to defense companies Hanwha System and LIG Nex1 as customers.

Park said the company aims to create synergy between its existing business and its new battery pack business.