Onbridge announced on the 13th that it has been selected for the Ministry of SMEs and Startups' '2024 Initial Startup Package.' Onbridge is a startup focused on developing precision inspection equipment and solutions for battery modules and packs. 

The 'Initial Startup Package' is a government-supported program that provides commercialization funds and startup programs to promising startups with advanced technologies and innovative business ideas. 

Onbridge is completing the battery resource circulation value chain, from the battery manufacturing stage to the reuse and recycling of used batteries. 

Particularly notable is the growing used battery market, which is expected to expand significantly due to the rapid growth of the electric vehicle (EV) market and electrified devices. As the number of decommissioned electric vehicles increases, the used battery market is becoming more active. 

According to market research firm SNE Research, the global used battery recycling market is projected to grow from 700 billion won this year to 12 trillion won by 2030 and 600 trillion won by 2050. 

Since accurate performance testing of used batteries is crucial for ensuring data precision, Onbridge aims to develop the most accurate residual evaluation system for used batteries in South Korea. 

The CEO of Onbridge stated, “Being selected for the Initial Startup Package acknowledges Onbridge’s business potential and expertise. We plan to use this recognition to expand our used battery business significantly and complete the battery resource circulation value chain to become a leading company in the field.”