Energy X considers Series B to fund marketing and fast-IPO: Sean Park

Energy X, a South Korean artificial intelligence (AI)-driven online energy platform provider, is considering a Series B round between 4Q20 and 2Q21 to fund its marketing efforts and prepare for a fast-track IPO, said CEO Sean Park, BBA 2012.

The Energy X platform connects various energy market participants from individual households to EPC contractors and investors via its online and mobile Social Energy Platform, Park noted, adding it strives to become the global standard for clean energy development and energy securitization, and to change the entire course of developing, supplying, and using energy for all platform users.

Energy X, which now has equity of US$13.2 million following the Hyundai-led US$5.1 million Series A venture capital round in March, is aiming to go public in 4Q21 or 1Q22. The company was founded in 2019. An IPO in 2021 will make it the fastest IPO in history. “IPO in 2021 is entirely possible as Energy X records a tremendous growth, already posting net income of US$1.3 million the year it was founded,” said Brave Lim, Managing Partner of Ophir Equity Partners.

The tech firm is receptive to approaches for its Series B from global and domestic financial and strategic investors. The company would award global investors a minimum ticket size of US$500,000. Interested UW-Alumni investor can reach Park at spark@energyx.co.kr.

Energy X posted sales of some US$11 million in 2019. The company has partnered with multinational companies like Metka and domestic conglomerates like POSCO, among others. Collaborations with government offices have been delayed owing to the pandemic, but other than that the company overall has not witnessed a setback. Energy X does not have global and domestic direct peers, Park said.