Vitzrocell completes acquisition of Innova Power Solutions Inc.

Oct 01, 2025

Vitzrocell Co., Ltd. (CEO: Paul Jang) is pleased to announce that, as of October 1, 2025, it has successfully completed the acquisition of Innova Power Solutions Inc. (hereinafter “Innova”), a Canadian company recognized for its expertise in downhole battery packs and monitoring systems.

The transaction value amounts to CAD 33,375,638 (approximately KRW 33.6 billion).

Through this acquisition, Vitzrocell will further strengthen its leadership in the high-temperature battery business, while also securing next-generation technology leadership in the battery pack sector. By leveraging Innova’s specialized expertise in high-temperature batteries and battery packs for oil and gas drilling equipment, Vitzrocell will expand its presence in the North American market and accelerate growth across the global energy industry.

This acquisition marks a significant milestone in Vitzrocell’s journey to become a next-generation energy solutions company. The company is committed to continuous R&D and global expansion, with the goal of achieving No.1 leadership in high temperature battery market by 2026 and establishing a solid global position.

The successful completion of this transaction was made possible with the support of Haerim Accounting Corporation as Vitzrocell’s strategic consultant, Stormont Capital Advisors as Innova’s exclusive financial advisor, and Fasken as legal counsel to Innova and its shareholders.

We sincerely appreciate the continued trust and support of our employees, customers, shareholders and partners, and we look forward to building the next chapter of success together.

Sincerely,

Paul Jang

Chief Executive Offer & Vice Chairman