Source: Forest of Innovation, Analysis Report
Based on an overview and classification system of the domestic carbon tech market, this analysis examines three companies with high competitiveness and growth potential within each subcategory. It also analyzes future challenges and implications for investment strategies.
- Overview and Classification System of the Domestic Carbon Tech Market
- Carbon Tech Market Competitiveness by Subcategory · Main Players · Investment Status
- Case Study Analysis of High-Growth Companies
- Future Outlook and Challenges
- Story Meets Valuation (Core Trends · Business Keywords)
- Future Tasks and Implications for Investment Strategy
1. Overview and Classification System of the Domestic Carbon Tech Market
Carbon Tech is a core industrial sector for achieving the 2050 carbon neutrality goal, representing a collection of technologies that reduce greenhouse gases and realize a carbon circular economy.Market growth is accelerating due to strengthened global carbon neutrality policies and the spread of RE100.The government aims to foster 10 climate tech unicorns, achieve 100 trillion won in exports, and create 100,000 jobs by 2030.
From an investment strategy perspective, carbon tech exhibits dual characteristics: policy dependency and long-term investment recovery periods. It is an area with high investment concentration in companies that have reached the technology commercialization stage (TRL 7-9). The global climate tech market is projected to grow at an average annual rate of approximately 20%, expanding from 53.6 trillion won in 2024 to 160.7 trillion won in 2030. Notably, EV charging infrastructure is expected to see high growth at an average annual rate of 45%, while the carbon credit market is forecast to grow at an average annual rate of 35%. Of course, it is challenging to generalize this directly to the carbon tech market as a whole.
According to the Carbon Neutrality and Green Growth Committee (CNGGC), carbon tech is classified as follows.
△ Carbon neutrality (capture/utilization/storage, etc.): CCUS technology, DAC, bio-carbon capture △ Low-carbon industrial processes: Plasma technology, hydrogen-based ironmaking, eco-friendly catalysts △ Eco-friendly mobility infrastructure/services: EV charging, V2G, battery swapping
The distribution by subcategory of the 37 domestic carbon tech companies registered in the Innovation Forest is as follows.
The eco-friendly mobility sector accounts for 93% of total investment, revealing an extreme concentration. This is the result of the global EV charging infrastructure market's average annual growth rate of 45% combined with the government's proactive deployment policies.
2. Carbon Tech Market Competitiveness by Subcategory – Main Players·Investment Status
2-1) Carbon Neutrality Sector
The "Carbon Neutrality (Capture/Utilization/Storage, etc.)" segment within the Carbon Tech subcategoryis projected to grow to a global CCUS market of $25.3 billion (approximately 37 trillion won) by 2026, with the domestic market expected to reach 47 billion won by 2027. Although the legal foundation was established with the enactment of the CCUS Act in February 2024, securing economic viability remains the most critical challenge, as capture costs (KRW 70,000–140,000 per ton) significantly exceed the price of emission credits (KRW 10,000–20,000 per ton).
The carbon neutrality sector (capture/utilization/storage, etc.) has the fewest companies at four, but its high technology intensity results in a favorable average investment amount of 19.8 billion won.Key companies in this sector include 'EcoHiTech', which attracted 7 billion won in investment with its greenhouse gas-based plasma carbon conversion device, drawing significant market attention.
The key strength in the carbon neutrality sector (capture/utilization/storage, etc.) lies in the industry's competitiveness, driven by expanded R&D support following the government's selection of 100 core carbon neutrality technologies. Conversely, weaknesses include a lack of large-scale demonstration infrastructure and excessive initial facility investment costs. Opportunities include the expansion of global CCUS projects and the growth of the carbon credit market (projected to reach $88.1 billion by 2035). Threats include low emission permit prices, making it extremely difficult to achieve economic viability for capture costs.
2-2) Low-Carbon Industrial Process Sector
The plasma technology market related to the "low-carbon industrial processes" category within the CarbonTech subcategoryvaries depending on its specific applications.
① Plasma pulse technology (carbon conversion, waste gasification, etc.) is projected to reach a market size of $490 million by 2037 (CAGR 4.5%). ② Plasma carbon structures (CNT, graphene, etc.) are projected to reach a market size of $7.5 billion by 2034. Consequently, plasma carbon conversion technology is gaining attention domestically, with demonstration plants currently operating in Daegu and Ulsan.
Low-carbon industrial processes have the highest number of companies at 17, but their cumulative investment amounts to only 32.8 billion won (5.5% of the total).The major company in this sectoris 'IntoCore Technology', which leads with 15.2 billion won raised through five cumulative investment rounds, including 12.5 billion won secured in its Series B round in 2024.
‘IntoCore Technologyhas converted methane and CO2 into synthesis gas using Inductively Coupled Plasma (ICP) technology, achieving a methane conversion rate of 92.99%.At the demonstration plant in Daegu'sBangcheon-ri landfill, it produces 150kg of methanol and 200kg of hydrogen daily, demonstrating an annual CO2 reduction effect of 6,300 tons. It plans to conduct SAF (Sustainable Aviation Fuel) demonstration tests starting in 2026.
Opportunities and threats include, on the opportunity side, the spread of circular economy models and policy support for waste resource recycling. Threats include the technological gap with global leading companies during the scaling-up and commercialization stages. Nevertheless, even global leaders (Westinghouse, Alter NRG) have failed to commercialize, presenting an opportunity for domestic companies (IntoCore Technology) completing TRL 7-stage demonstration can be seen as a signal of narrowing the gap. However, the lack of verification for large-scale and continuous processes still indicates a technological gap remains.
2-3) Eco-friendly Mobility Infrastructure/Services Sector
The "Eco-friendly Mobility Infrastructure/Services" segment within CarbonTech's subcategoriesis projected to experience explosive growth, expanding from 1.1 trillion won in the global EV charging infrastructure market in 2022 to 32 trillion won by 2030, representing an average annual growth rate of 45%. Consequently, market growth for the eco-friendly mobility infrastructure/services sector is also anticipated to be positive. The number of registered electric vehicles in Korea has surpassed 1 million, and the government will continue some charging infrastructure construction subsidy programs through 2025.
‘GridWizsuccessfully completed its IPO in June 2024, listing on KOSDAQ with an offering price of 40,000 won and a market capitalization of 300 billion won(market cap approx. 119 billion won as of end-November 2025). Its core technology and business model involve providing an integrated energy platform combining power demand response (DR) and EV charging. It optimizes power usage at customer factories and supports the sale of surplus power to the power exchange, securing differentiated competitiveness through data-driven energy efficiency.
‘Daeyoung Chae-bi' secured a total of 120 billion won in investment from 'KB Asset Management' and 'Stick Investment' in 2023, marking the largest investment in the industry. Its keytechnologies and business model include the domestic first development of a 400kW ultra-fast charger, reducing charging time to 15-20 minutes for an 80% charge. In 2023, it was selected as the contractor for the Ministry of Environment's Zero-Emission Vehicle Transition Brand Project to install 1,200 units. It also signed a contract with Quick Charger, a U.S. EV charging service provider, to supply 3,540 units of 400kW ultra-fast EV charging infrastructure by 2025. Furthermore, it is driving innovation by transforming charging wait times into customer experiences through its 'CHAEVI STAY' complex cultural space model.
The key strengths of the environmental mobility infrastructure/service sector's industry competitiveness include high market growth potential and successful IPO cases (GridWiz), and government subsidies during the initial market formation phase. However, while government subsidies drove market growth from 2020 to 2024, their reduction after 2025 has shifted the sector into a phase testing private self-sustainability. Consequently, key weaknesses include high policy dependency and significant challenges in securing sites for charging infrastructure installation. Opportunities include the commercialization of V2G (Vehicle to Grid), the spread of ultra-fast charging (350kW+), and advancements in battery swapping technology. Threats include the 2025 subsidy reduction policy and profitability pressures stemming from the transition to private-sector operations.
Within the Carbon Tech sector, only a small number of companies have advanced to the Series B/C and IPO stages, suggesting that the follow-on investment ecosystem remains immature.
Many companies face significant challenges during the "death valley" phase of transitioning from Series A to Series B funding, a situation anticipated due to the structural characteristics of carbon tech, which requires simultaneously demonstrating carbon neutrality effects and the economic viability of its business model.
3. Case Analysis of High-Growth Companies
To select high-growth companies, we use three main criteria:
① Investment frequency (securing investment twice or more → investor trustworthiness), ② Annual average investment amount (cumulative investment amount ÷ years since establishment → funding efficiency), ③ Investment stage (whether entering Series A or higher → market and economic viability validation).
A total of 14 companies secured investment two or more times, and the top 10 companies based on average annual investment amount are as follows.
The key growth strategies and success factors of the top three companies among the top ten (Daeyoung Chae Bi, GridWiz, IntoCore Technology) are broadly as follows:
①’Daeyoung Chae-biis a Mega Round strategy,
- KB Asset Management (KRW 60 billion) and Stick Investment (KRW 60 billion) collectively invested a total of KRW 120 billion in a single year in 2023, marking the largest investment ever in Korea's carbon tech sector. This represents a Mega Round strategy, an approach to secure market dominance by raising substantial capital during the Series B stage.
- Notably, technological differentiation (domestic first development of 400kW ultra-fast chargers reducing charging time by 15-20 minutes), securing government projects (2023 Ministry of Environment zero-emission vehicle conversion brand project installing 1,200 units), overseas expansion (2023 entry into Saudi Arabia pioneering the Middle East market), and business model innovation (transforming charging stations into stay-type spaces through CHAEVI STAY, a complex cultural space) were effective.
- KB Asset Management and Stick Investment are expected to have focused on the network effect in the EV charging infrastructure market. This is judged to be a consideration of the industry's strong first-mover advantage characteristics, where the value of the platform increases exponentially as the number of installed chargers grows, making large-scale investment strategies advantageous for building market barriers.
②’GridWiz' is an IPO exit strategy,
- In June 2024, the company went public on the KOSDAQ market with an IPO price of 40,000 won per share and a market capitalization of 300 billion won. This marked the first successful IPO by a domestic carbon tech company, demonstrating the potential for investment exit and serving as a catalyst for subsequent investments.
- Key success factors include its unique business model (an integrated platform combining demand response (DR) and EV charging), performance-driven growth (11% market share, 46,000 units in operation, 310,000 members), data competitiveness (AI-based power analysis and optimization technology), and consecutive government project wins (nine consecutive years executing the Ministry of Environment's EV charging facility subsidy program).
③’IntuCore Technologyis pursuing technology-intensive growth,
- The company raised 15.2 billion won in five rounds through its plasma carbon conversion technology and secured 12.5 billion won in Series B funding in 2023. As the only company in the low-carbon industrial process sector to reach Series B, it demonstrates that technology validation is key to attracting investment.
- Notably, the construction of a demonstration plant (proving annual CO2 reduction of 6,300 tons at the Daegu Bangcheon-ri landfill), technological advancement (achieving a methane conversion rate of 92.99%, currently developing SAF production technology),, circular economy model (converting landfill methane into hydrogen and methanol), and securing government R&D contracts (consecutive selection for R&D projects by the Ministry of Science and ICT and the Ministry of Environment) are analyzed as key success factors.
- IntoCore Technologyis a prime example of deep tech investment. 'Korea Growth Finance Investment Management', 'IBK Industrial Bank of Korea', and 'Shinhan Capital' are expected to have made their investment decisions based on technology validation (TRL 7 or higher) and proven data. Given the broad application scope of plasma technology (carbon conversion, SAF, waste treatment), multiple exit opportunities still exist. It will be important to closely monitor the timing of investor exits going forward.
4. Future Outlook and Challenges
The domestic carbon tech market has entered a phase of structural growth driven by strengthened global carbon neutrality policies and accelerated technology commercialization.
According to market research firm Grand View Research, the global green tech and sustainability market size is projected to grow at a CAGR of 23.1%, expanding from $23.1 billion (approximately KRW 31.3 trillion) in 2024 to $79.65 billion (approximately KRW 108 trillion) by 2030.
This is one signal indicating that the world is gradually stepping on the accelerator toward achieving carbon neutrality by 2050.
The CCUS (Carbon Capture, Utilization, and Storage) market, a core technology of CarbonTech, is showing even steeper growth.
According to Technavio analysis, the global CCUS market is projected to grow at a CAGR of 23.1%, expanding from $3.4 billion in 2024 to $9.6 billion by 2029. Wood Mackenzie forecasts that global CCUS capture volumes will grow to 2.06 billion tons annually by 2050, representing an approximately 28-fold increase from current levels.
Currently, 50 CCUS projects are operational worldwide, capable of storing 51 million tons of carbon dioxide annually.
The most dynamically growing sector in Korea is eco-friendly mobility infrastructure.
SNE Research forecasts explosive growth in the Korean charging infrastructure market, with an average annual growth rate of 45%. The market size is projected to surge from $1.1 billion (approximately 1.6 trillion won) in 2022 to $22.4 billion (approximately 32 trillion won) by 2030.
This growth is driven by the expansion of electric vehicle adoption, initial government support policies, and the increased installation of charging stations in major cities.
According to a February 2025 report by the Korea Economic Daily, the number of domestic EV chargers surged approximately 11-fold in just four years, from 34,714 units in 2020 to 394,132 units in 2024. The charger-to-vehicle ratio (number of EVs per charger) improved to approximately 1.7 vehicles per charger.
The number of registered electric vehicles continues its steep upward trend.
According to statistics from the Ministry of Land, Infrastructure and Transport, the cumulative number of electric vehicles registered in Korea reached 822,081 units as of the end of August 2024, marking an increase of approximately 30% compared to the same period last year (635,847 units). By September 2025, the figure is expected to reach approximately 870,000 units, putting the milestone of one million units within sight.
Cumulative electric vehicle registrations surpassed 100,000 units in March 2020 and 500,000 units in September 2023. If the current trend continues, it is expected to reach 1 million units by early 2026.
The government has set ambitious goals: fostering 10 climate tech unicorns, achieving 100 trillion won in exports, and creating 100,000 new jobs by 2030. The Ministry of Science and ICT launched the CCUS Initiative in April 2025, setting a target to capture 4.8 million tons of CO2 annually by 2030. This, alongside the selection of 100 core carbon-neutral technologies (2023), demonstrates strong national-level commitment.
Meanwhile, it is exhibiting "duality in investment trends (simultaneous growth and contraction)."Carbon tech investments show this dualistic pattern where growth and contraction coexist. According to Innovation Forest data, domestic carbon tech companies (37 firms) have attracted 26 investment deals totaling approximately 360 billion won over the last three years (2023-2025). This represents 61% of the total investment raised by all domestic carbon tech companies (591 billion won), confirming the recent acceleration in investment. However, a different picture emerges from a global perspective.
According to Sightline Climate's Climate Tech Investment Trends report, global climate tech investment totaled $13.2 billion (approximately 18 trillion won) in the first half of 2025, a 19% decrease compared to the first half of 2024 ($16.2 billion). Policy uncertainty, macroeconomic pressures, and the funding gap known as the 'Missing Middle'—the challenge of moving from Series A to Series B funding—are cited as the main causes. Climate tech capital deal volume in September 2024 has fallen below even 2019 levels.
However, not all sectors experienced contraction. The energy sector accounted for $4.6 billion (approximately 6.3 trillion won), representing 35% of total investment in the first half of 2025, a 13% increase year-on-year. Notably, nuclear fusion technology surpassed energy storage to become the second-highest investment priority within the energy sector. Meanwhile, the Deep Tech sector is showing signs of recovery, intertwined with the AI, big data, system semiconductor, robotics, and mobility markets. This investment trend signifies the arrival of an era of selective focus. Investors are concentrating capital on companies with clear economic viability and proven technology (TRL 7 or higher), as well as those possessing differentiated competitiveness through convergence with digital technologies like AI. Among domestic carbon tech companies, GridWiz's successful IPO (June 2024, market cap of 300 billion won) and Daeyoung Chae-bi's mega round (raising 120 billion won in 2023) serve as examples demonstrating the potential success of this selective investment approach.
However, the following challenges remain.
▪️Challenge 1: The Dilemma of Ensuring Economic Viability
✔️ The most fundamental challenge facing the carbon tech industry is achieving economic viability, and this issue is particularly severe in the CCUS sector.
✔️ Current carbon capture costs range from $50 to $100 per ton (approximately 70,000 to 140,000 won), while South Korea's emissions permit price stands at only about $8 per ton (approximately 11,000 won) as of 2024. This means capture costs are 6 to 12 times higher than permit prices, rendering the process completely uneconomical.
According to an analysis by the Korea Capital Market Institute, as of January 2024, the price of the EU Emissions Trading System (ETS) stood at $90, the highest among regulated ETSs. In contrast, the Korean ETS price was $8, significantly lower than those of China ($10), California ($33), and RGGI ($13). The Swiss ETS and UK ETS also maintain high prices, indicating that Korea's carbon price is insufficient to function as an effective incentive for carbon reduction by global standards.
The government recognizes this issue and is pursuing improvements through the Fourth Basic Plan for the Emissions Trading System (2026–2030). It plans to significantly increase the paid allocation ratio from the current 10% to 50% by 2030 and implement the Korean Market Stabilization Mechanism (K-MSR), where the government supplies or absorbs a reserve pool of emission permits to adjust supply-demand imbalances. However, it will take time for these policy changes to translate into actual carbon price increases, and companies must overcome the short-term challenge of insufficient economic viability.
The eco-friendly mobility sector is also facing profitability pressures. With the reduction of electric vehicle subsidies in 2025 and the policy shift toward private charging infrastructure, operators' profitability is likely to deteriorate. According to a Korea Economic Daily report, the slow-charging station market has seen around 500 companies enter, leading to fierce competition. Meanwhile, the fast-charging station market requires high technological barriers and capital strength, widening the gap between large corporations and startups.
▪️Challenge 2: The Electric Vehicle Chasm and Market Uncertainty
✔️ The electric vehicle market continues to experience a 'chasm' phenomenon, where cumulative registrations are increasing but new registrations have declined for two consecutive years.
✔️ According to statistics from the Automobile Registration Information System, the annual number of newly registered electric vehicles decreased for two consecutive years: from 164,486 units in 2022 to 162,605 units (▼1.1%) in 2023, and further to 146,902 units (▼9.7%) in 2024.
✔️ While signs of a rebound have emerged in 2025, raising the possibility of surpassing 200,000 units annually, overcoming the chasm remains uncertain.
The primary causes of the chasm are judged to be as follows. First, the imbalance in charging infrastructure. While the number of chargers increased 11-fold in just four years, the disparity between regions remains severe. While the metropolitan area (Gyeonggi, Seoul, Incheon) accounts for about 43% of the nation's EVs, rural and fishing village areas still suffer from charging blind spots. Second, the burden of charging time. Even the fastest fast chargers take over 30 minutes to reach an 80% charge, causing significant inconvenience compared to internal combustion engine vehicles. Third, the initial purchase cost. As subsidies are being reduced, the price burden of EVs is increasing.
This chasm is also directly impacting charging infrastructure operators. The slowdown in new EV adoption rates leads to a slowdown in charging demand growth, which in turn results in lower charging station utilization rates and deteriorating profitability. Slow chargers, in particular, face intense price pressure due to excessive competition, making smaller operators highly vulnerable to exit.
Meanwhile, the chasm is likely a temporary phenomenon. The electric vehicle market is expected to regain momentum due to factors such as the launch of new affordable electric vehicles in 2025, falling battery prices, and expanded charging infrastructure. The Ministry of Land, Infrastructure and Transport announced that the share of eco-friendly vehicles—combining EVs and hybrids—reached 12.1% of all registered vehicles in August 2024, a 1.7 percentage point increase from the previous year (10.4%). This indicates that the shift toward eco-friendly vehicles is a structural trend.
▪️Challenge 3: Barriers to Technology Commercialization and Large-Scale Demonstration
✔️ Another hurdle carbon tech companies face is commercializing their technology (entering TRL 7→9).
✔️ Unexpected technical issues arise during the scaling-up and continuous process conversion of technologies validated in laboratories and small-scale pilots to commercial operation, requiring large-scale demonstration infrastructure and funding to resolve them.
In the CCUS field, technical and economic barriers exist in securing large compressors, separation membranes, and storage facilities. With virtually no CO2 storage sites domestically, the question of where to store captured carbon remains unresolved. Although the government launched the CCUS Initiative in April 2025, a concrete roadmap for securing storage sites and plans for transportation infrastructure remain inadequate.
Meanwhile, plasma technology is improving energy efficiency, but challenges remain in scaling up and ensuring stability during 24-hour continuous operation. The demonstration plant operated by IntoCore Technology at the Bangcheon-ri landfill in Daegu produces a small-scale output of 150 kg of methanol and 200 kg of hydrogen per day. Expanding this to commercial scale requires additional demonstration and investment.
The greater challenges in charging infrastructure lie in securing land and grid integration rather than technology. In urban areas, high land costs and insufficient grid capacity limit the installation of fast chargers (350kW or higher). While V2G (Vehicle to Grid) technology is technically at the demonstration stage, institutional improvements are needed, such as power trading systems and battery lifespan guarantees.
▪️Challenge 4: Intensifying Global Competition and Technological Gap
✔️ The technological gap compared to global leaders is estimated to be 2-3 years, with particularly high dependence on core components and materials.
✔️ In the CCUS sector, companies like Occidental and Carbon Engineering in the U.S. and Equinor in Norway are advancing large-scale projects, while China is rapidly catching up by successively achieving large-scale government-led CCUS demonstrations.
In the electric vehicle charging sector, China's CATL is reshaping the market landscape with its 'Choco-Swap' battery exchange technology, enabling battery swaps within two minutes. Tesla's Supercharger network has established itself as the global standard for charging speed and user experience, while in Europe, IONITY is building a 350kW ultra-fast charging network.
Policy competition is also fierce. The U.S. is investing approximately $369 billion in clean energy and climate response starting in 2022 through the Inflation Reduction Act (IRA), and provides an $85-per-ton tax credit (45Q Tax Credit) for CCUS facilities. The EU is supporting green bonds with 235 billion euros through its Next Generation EU policy until 2026 and is imposing tariffs on high-carbon imports via its Carbon Border Adjustment Mechanism (CBAM).
South Korea is responding by selecting 100 core carbon-neutral technologies and launching a CCUS initiative, but its budget scale and tax incentives remain insufficient compared to the US and EU. To avoid falling behind in global competition, it is necessary to expand R&D investment, strengthen tax support, and pursue technology partnerships and joint development with leading overseas companies.
Nevertheless, the structural growth drivers remain robust, signaling hope. Despite the presence of four major challenges, the structural growth drivers of domestic carbon tech will establish an inflection point for the carbon tech market through four key expectations. As overcoming the chasm, achieving large-scale demonstration success, and expanding investment recovery cases through IPOs and M&A proceed simultaneously, the market is expected to evolve from quantitative growth to qualitative growth.
▪️Expectation 1: Global carbon neutrality policies are an irreversible megatrend.
As of January 2024, the greenhouse gas emissions covered by 36 regulatory emissions trading systems (ETS) worldwide amount to 9.9 gigatons of CO2e, accounting for 18% of global emissions. This proportion is projected to continue expanding.
▪️Expectation 2: Technology maturity is expected to improve rapidly.
✔️IntoCore Technology's plasma technology, Daeyoung Chae-bi's 400kW ultra-fast charger, and GridWiz's data-driven energy platform have reached TRL 7-8, nearing commercialization.
✔️If a company successfully commercializes a product, it can serve as a lighthouse, providing a roadmap for subsequent companies.
▪️Expectation 3: Maturity Stage of the Investment Ecosystem
✔️GridWiz's successful IPO demonstrates the potential for CarbonTech's investment to be recouped
✔️Daeyoung Chae-bi's Mega Round demonstrates that large-scale capital can flow into the market.
✔️Capital is shifting toward deep tech sectors, and investor interest is growing in carbon tech companies that integrate AI and data.
▪️Expectation 4: Consistency and Continuity of Government Policies
✔️A mid-to-long-term roadmap has been presented, including fostering 10 climate tech unicorns by 2030, a CCUS initiative, and reforming the 4th emissions trading scheme.
✔️This provides policy predictability for businesses and investors.
5. Story Meets Valuation (Core Trends·Business Keywords)
Five trends to watch,
▪️1. Plasma Revolution
– Plasma technology is emerging as a game changer for carbon tech. Utilizing high-temperature plasma (2,000°C or higher) enables the conversion of methane, CO₂, and other substances into hydrogen, methanol, and SAF, achieving high conversion rates even without catalysts.
– Key Core Keywords
✔️ Multiple Applications: Carbon conversion, waste treatment, semiconductor processes, surface treatment, and more—wide-ranging applications.
✔️ Circular Economy Model: Converting landfill methane into clean hydrogen and methanol to recycle waste resources
✔️ Government R&D Focus: Plasma Technology Included Among 100 Core Carbon Neutrality Technologies
– The valuation of plasma technology companies is expected to be determined by their Technology Readiness Level (TRL) and the diversity of their application pipelines. IntuCore Technology is estimated to have achieved a post-money valuation exceeding KRW 50 billion in its Series B round, driven by its demonstration plant (TRL 7) and SAF development (pipeline expansion). With its recent application for KOSDAQ pre-screening in July 2025, its projected enterprise value is approximately KRW 150-180 billion.
▪️2. Ultra-Fast Charging & V2G
– The key to popularizing electric vehicles lies in charging speed and bidirectional energy flow. Ultra-fast chargers rated at 350kW or higher reduce charging time to 15–20 minutes for an 80% charge, while V2G (Vehicle to Grid) technology utilizes EVs as mobile energy storage systems to contribute to grid stabilization.
–Key Core Keywords
✔️ First-mover advantage in infrastructure: The broader the charging network, the greater the platform value (Network Effect)
✔️ Government subsidies: Large-scale public procurement initiatives such as the Ministry of Environment's Zero-Emission Vehicle Conversion Program
✔️ V2G Commercialization: Currently demonstrating SDV-linked V2G technology as a 2024 government R&D project.
–EV charging companies' valuations are assessed based on three key factors: the number of installed chargers, platform membership, and electricity trading volume. For example, GridWiz's IPO market cap of 300 billion won could imply a valuation of approximately 60 million won per charger (based on an estimated 5,000 units) or, conversely, about 1 million won per member (based on 310,000 members).
▪️3. Carbon Credit & Blockchain
–The number of companies joining RE100 is surging, driving explosive growth in corporate demand for voluntary carbon reduction. The carbon credit market stands at a crossroads in 2025, with transparency improving through strengthened verification mechanisms and the adoption of blockchain technology.
–Key Core Keywords
✔️ Market Rapid Growth: $4.35 billion in 2025 → $88.1 billion in 2035 (CAGR 35%)
✔️ Enhanced Quality Standards: Increased demand for high-quality credits driven by the introduction of ICVCM's Carbon Core Principles (CCP) label.
✔️ Insurance Market Growth: Carbon Credit Insurance Market Projected to Reach $1 Billion by 2030 and $10-30 Billion by 2050
–The valuation of carbon accounting, management, and trading platform companies can be significantly influenced by transaction volume and blockchain verification technology. The government has designated carbon reduction certification platforms as promising CCUS technologies, and digital carbon neutrality platform technology is gaining attention.
▪️4. Digital Twin & AI Optimization
–The convergence of carbon tech and digital technology is accelerating. Digital twins create virtual replicas of energy facilities to simulate optimal operating conditions, while AI maximizes energy efficiency through real-time data analysis.
–Key Core Keywords
✔️ Energy Efficiency: Reduce charging costs and improve power efficiency through AI-based smart charging.
✔️ Predictive Maintenance: Early detection of equipment failures using digital twins, reducing operational costs
✔️ Global Trend: Patent filings surge among leading companies like Siemens and Schneider Electric
–Data-driven energy platform companies can positively influence their valuation during the valuation process based on the volume of accumulated data, AI algorithm accuracy, and SaaS subscription models. GridWiz and Everon secured differentiated competitiveness through AI-based power analysis technology, which was a key factor in their IPOs and large-scale investment attraction.
▪️5. Battery Swap and Circular Economy
–Battery swapping is gaining attention as a solution that fundamentally solves charging time issues. China's CATL has achieved battery swapping within two minutes using its 'Choco-Swap' technology and plans to install 1,000 swap stations within the year in collaboration with Sinopec.
–Key Core Keywords
✔️ Operational Efficiency: Battery-sharing service for commercial vehicles (taxis, logistics)
✔️ Secondary battery utilization: Extend battery life by converting automotive batteries into energy storage systems (ESS)
✔️ Circular Economy Model: Used Battery Recycling, Refurbished Battery Subscription Service
– In the battery swap business, valuation hinges on the number of swap stations, battery inventory, and subscription membership. China's NIO maintains a market capitalization exceeding $10 billion through battery swapping, while domestic players like Pit-In and Vinsen are leading the charge.
6. Future Tasks and Implications for Investment Strategy
Despite quantitative growth, the domestic carbon tech investment market remains in its early stages in terms of qualitative maturity. Among the 37 companies analyzed, only 4 (10.8%) have advanced to Series B or beyond, and successful IPO cases are limited to just one company, GridWiz. This indicates that the investment ecosystem is concentrated on the early stage, signifying the existence of a "Growth Stage Investment Gap."
Regarding future challenges, the following investment strategy is proposed to enter a sustainable growth trajectory.
<과제 1: 후속 투자 생태계 조성>
▪️ Current Status Diagnosis
•The average investment amount at the Series A stage is 69.8 billion won, but it increases 4.6 times to an average of 318.8 billion won upon entering Series B. This funding gap is a major reason why many companies get stranded in the "Death Valley" after Series A. In fact, only 14 companies secured funding two or more times, and among them, only 4 companies advanced to Series B or beyond.
▪️Policy Response
– The Ministry of SMEs and Startups announced a plan to invest 1 trillion won in the master fund by 2025, explicitly targeting diversification in AI, climate tech, and secondary markets. It aims to support domestic startups in attracting overseas investment by raising over 1 trillion won in global funds. It also plans to temporarily recognize secondary market investments (2025–2026, up to 20%) as primary investment objectives to invigorate the secondary market.
– The government is designating and utilizing specialized TIPS operators with expertise in the climate tech sector, and is pursuing measures to prioritize climate tech startups undertaking Deep Tech TIPS when applying for the Super Leap 1000+ support program.
From an investment strategy perspective, the need for specialized Growth Stage funds is clear. However, to attract private LP (Limited Partner) participation, enhanced tax incentives and policy stability must be secured first. Carbon tech, in particular, has high policy dependency; its valuation can fluctuate sharply with subsidy reductions or regulatory changes. Therefore, the government must clearly present a mid-to-long-term roadmap and build investor trust.
<과제 2: 밸류에이션 체계 정립>
▪️Current Status Diagnosis
– Valuing carbon tech companies has limitations using traditional methods like DCF (Discounted Cash Flow) or comparable multiples. Most companies are in an early loss-making stage, making valuation based on revenue and profit impossible, and it is difficult to quantify non-financial values such as carbon reduction effects.
▪️Empirical Evidence for the ESG Premium
– According to a joint study by KPMG and MSCI, companies in the top 20% for ESG scores have seen their valuation premium over those in the bottom 20% expand from 1 to 2 times between 2014 and 2017 to over 5 times in 2019. This indicates that ESG is transforming into financial value beyond mere ethical value.
▪️Required framework
– A carbon tech-specific valuation framework must integrate the following elements:
Technology Readiness Level (TRL): Risk adjustment based on technology maturity
Carbon Reduction Potential: Present value conversion of annual CO2 reduction volume
→ Policy Alignment Score: Index of alignment with government policy direction
Market Scalability: Potential for penetration relative to the Total Addressable Market (TAM)
This framework has not yet been standardized, and its development through collaboration between academia and industry is urgently needed. From an investment strategy perspective, investors should utilize a multiple scenario approach at this stage. For example, an alternative method involves setting optimistic scenarios (expanded policy support, early technology commercialization), base scenarios (maintaining current trends), and pessimistic scenarios (policy reduction, technology delays) with respective weightings of 30%, 50%, and 20%, then approaching and calculating valuations using a weighted average valuation method.
<과제 3: Exit 경로 다양화>
▪️ Current Status Diagnosis
– Gridwise's successful IPO (June 2024, market cap of 300 billion won) is a significant milestone proving the exit potential for carbon tech companies. However, this remains an exceptional case, and exit options remain limited for most companies.
– The KOSDAQ listing requirements as of 2024 are as follows:
General criteria: Market capitalization of 9 billion won & pre-tax profit of 2 billion won (1 billion won for ventures) or more
→ Growth criteria: Market capitalization of 100 billion won or more, or market cap of 50 billion won & PBR of 2 times or more
→ Technology Growth Company Special Provision: Technology/Business Viability Evaluation by Two Professional Evaluation Agencies: Grade A & BBB or Higher
However, delisting criteria will be progressively strengthened, meaning companies with annual sales below 10 billion won by 2029 or a market capitalization below 30 billion won by 2028 will face the risk of delisting.
▪️Various Exit Paths
– M&A (Mergers & Acquisitions): Strategic acquisitions by large corporations represent the most realistic exit path. Corporate venture capital (CVC) arms of major conglomerates like SK, Hyundai Motor, GS, and POSCO are showing interest in carbon tech, and strategic M&A proposals emphasizing value chain synergies are effective.
– SPAC (Special Purpose Acquisition Company): While listings utilizing SPACs are increasing in overseas VC markets, their use remains limited domestically due to institutional constraints and market acceptance issues. This represents an option that could be considered upon future regulatory improvements.
– Overseas Listing: Listing on overseas markets such as NASDAQ and Hong Kong enhances accessibility to global investors, but entails significant costs (KRW 500 million to 1 billion) and regulatory compliance burdens. This approach is suitable for companies with a high proportion of overseas sales and established global partnerships.
– Secondary Transaction: With the fund of funds temporarily permitting the acquisition of existing shares (up to 20%) in 2025–2026, an early exit strategy involving the sale of some equity in subsequent rounds has become feasible.
From an investment strategy perspective, investors should design their exit path from the moment of investment. It is expected to be advisable to include in the investment terms: early engagement with corporate venture capital (CVC) from large corporations, preparation for specialized evaluations to meet the requirements for special listing for technology growth companies, and the establishment of global partnerships.
<과제 4: 글로벌 시장 진출 지원>
▪️Current Status Diagnosis
– The domestic market alone is insufficient to foster unicorn companies. Compared to the global CCUS market (USD 25.3 billion by 2026) and the EV charging infrastructure market (USD 22.4 billion by 2030), the domestic market is only about 1/60th and 1/7th the size, respectively.
– Daeyoung Chae-bi attempted to enter Saudi Arabia in 2023, but most companies lack overseas expansion experience and networks. Domestic companies face a technological gap compared to global leaders, and above all, their high dependence on core components and materials makes securing price competitiveness difficult.
▪️Policy Support Direction
– The government plans to support domestic startups in attracting overseas investment by establishing a global fund of over 1 trillion won from the master fund, with specialized management tailored to each country's preferred investment sectors. It is also advancing a climate tech startup level-up strategy to facilitate global partnership matching, support overseas demonstration projects, and expand export financing.
– From an investment strategy perspective, investors should establish overseas expansion capabilities as a core evaluation metric. Due diligence must verify factors such as English-proficient management, acquisition of global standard certifications (ISO, CE, UL, etc.), and signed MOUs for overseas partnerships. Particular attention should be paid to the Middle East (Saudi Arabia, UAE) and Southeast Asia (Vietnam, Indonesia), which are markets experiencing rapid growth in EV charging infrastructure and renewable energy demand.
<과제 5: 정책 일관성 확보>
▪️Current Status Diagnosis
– Carbon tech is an industry highly dependent on policy. Short-term uncertainty has increased due to the reduction of electric vehicle subsidies and the policy shift to private charging infrastructure in 2025. While the legal foundation for CCUS was established in February 2024, the lack of a concrete incentive system and a roadmap for securing storage sites is delaying corporate investment decisions.
– "The reality of carbon pricing" is most needed
The current price of emission credits under the domestic Emissions Trading Scheme (K-ETS) is around 10,000 to 20,000 won per ton.
In contrast, the cost of carbon capture for CCUS ranges from 70,000 to 140,000 won per ton, making it uneconomical to rely solely on the price of emission credits.
→ The carryover restriction system (introduced in 2017, with net sales volume criteria revised in 2019) led to a decline in emission permit prices starting in early 2020, which can be seen as a major cause of the contraction in CCUS investment.
▪️ Necessary policy directions
– Presenting a mid-to-long-term roadmap: Clarifying phased carbon neutrality targets for 2030/2040/2050 and the commercialization timeline for each technology
– Strengthening carbon pricing: Setting a minimum price floor for emission permits (at least 50,000 won per ton) or expanding CCUS tax credits
– Ensuring policy continuity: Maintaining climate tech support policies regardless of regime change
– Expanding Regulatory Sandboxes: Broadening the scope of regulatory exemptions for new technology demonstrations
From an investment strategy perspective, investors must conduct policy scenario analysis. This involves quantitatively modeling the impact of subsidy reductions on revenue declines, the profitability improvement effect of carbon price increases, and changes in competitive advantage under stricter regulations. Pre-establishing exit strategies for each scenario enables verification with the investee company and, crucially, provides valuable insights that benefit the investee's management post-investment.
The domestic carbon tech industry is transitioning from an unbalanced growth phase centered on eco-friendly mobility to one characterized by a diversified portfolio. GridWiz's successful IPO (June 2024, market cap of 300 billion won) and Daeyoung Chae-bi's mega funding round (raising 120 billion won in 2023) are clear milestones demonstrating that carbon tech has matured into an investment asset class.
Analysis data shows that investments over the past three years (2023–2025) account for 61% of the total, indicating an accelerating investment trend. Notably, the proportion of investment projects in low-carbon industrial processes has risen to 31%, signaling a positive shift away from the previous single-pole concentration structure in eco-friendly mobility.
2025 marks a critical juncture where policy restructuring (subsidy reduction, transition to private sector) and technological breakthroughs (plasma commercialization, V2G demonstration) proceed simultaneously. While short-term uncertainty exists due to subsidy reductions, the medium-to-long-term structural growth narrative—driven by the 2030 carbon neutrality goal and the expansion of RE100—is more compelling. Carbon tech investment exemplifies impact investing, which simultaneously pursues financial returns and social impact. Investors must select companies demonstrating the three pillars of technology validation, market validation, and team validation. They should remain steadfast despite short-term policy volatility, trust the 2030-2050 carbon neutrality megatrend, and patiently support corporate growth.
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