Irem Acquires Onepick ENC... Building Renewable Energy Value Chain for 'Honam Semiconductor'

Irem, a company specializing in stainless steel (STS) pipes, is accelerating its business diversification by acquiring Onepick ENC, a company focused on renewable energy. By combining its existing pipe manufacturing capabilities with solar engineering, procurement, and construction (EPC), and expanding into the energy storage system (ESS) sector, Irem aims to secure a growth foundation encompassing the entire renewable energy value chain.

On August 7, Irem announced through a disclosure that it will acquire 100% of the shares in Onepick ENC. The acquisition price will be paid through the issuance of convertible bonds (CB), with the initial conversion price set at approximately 11% above the reference stock price.

Onepick ENC is a specialized company with engineering, procurement, and construction capabilities required for building renewable energy power plants and rooftop solar facilities for factories. The company covers a wide range of work across renewable energy projects, including civil engineering and permit handling, equipment procurement, construction management, design and supervision, safety management, and defect correction after project completion.

Recently, Onepick ENC has been broadening its business by building systems that integrate solar power generation and ESS. The company is also expanding its order base by participating in large-scale project bids, such as the Saemangeum renewable energy project.

Onepick ENC is also maintaining strong performance growth. Its revenue increased from approximately KRW 1.2 billion in 2023 to about KRW 9.5 billion in 2025. During the same period, its operating margin improved from 1.7% to 4.1%, demonstrating both external growth and profitability improvement.

The key point of this acquisition is that Irem can connect its existing pipe business with Onepick ENC’s renewable energy EPC business.

Various steel products, such as structures and supports, are used in renewable energy facilities, including solar power plants. Irem, by leveraging its existing manufacturing capabilities, will be able to establish the supply chain for materials and components needed in the renewable energy sector, while also expanding its business through the integration of Onepick ENC’s EPC expertise.

The company explained that, in addition, by connecting the vanadium redox flow battery (VRFB)-based ESS technology of affiliate XRB, it can build a comprehensive business portfolio that spans from pipe manufacturing to solar EPC and ESS.

Market conditions are also favorable. With the government’s renewable energy expansion policies and increasing corporate participation in RE100 (100% renewable energy usage), demand for rooftop solar installations is growing in industrial complexes, factories, and logistics centers. The government has set a goal to reach a cumulative supply of 100GW of renewable energy by 2030.

The domestic solar EPC market’s growth potential is also noteworthy. Assuming an EPC project cost of about KRW 1 billion to 1.3 billion per 1MW, the annual new EPC market is estimated to be around KRW 6 trillion to 8 trillion. If an additional 60 to 70GW is installed by 2030, the cumulative EPC market could reach about KRW 60 trillion to 80 trillion.

With this acquisition, Irem plans to actively enter the high-growth renewable energy market while also strengthening its competitiveness in region-based businesses.

Notably, Irem’s headquarters is located in Buan County, Jeonbuk Special Self-Governing Province, which raises expectations for potential connections with industrial development policies for the Honam region, including Jeonbuk. The company anticipates that as demand for renewable energy facilities expands, centered on areas such as the Gwangju-Jeonnam semiconductor industrial complex, Saemangeum, and Haenam, where large-scale industrial and energy infrastructure projects are underway, new business opportunities will be secured.

An Irem representative stated, "Since large volumes of steel products, including STS pipes, are used to build renewable energy facilities, synergy with our existing manufacturing capabilities is expected. With renewable energy infrastructure slated to expand in areas like the Gwangju-Jeonnam semiconductor complex, Haenam, and Saemangeum, we will strengthen our competitiveness by establishing a one-stop supply chain that connects everything from raw materials to design and construction."

Going forward, Irem plans to expand solar project orders leveraging Onepick ENC’s EPC capabilities, and to transform from a simple pipe manufacturer into a renewable energy infrastructure company by integrating XRB’s ESS technology.

This content was produced with the assistance of AI translation services.