ELLECT: Pioneering Electric Construction Machinery with KICT Support
ELLECT, founded in February 2023, is rapidly establishing itself as a key player in the progress of electrification solutions for construction machinery. The company has achieved notable milestones, including successful domestic mass production of its technology through a joint development project with Volvo Construction Equipment and is currently collaborating on global specifications.
ELLECT focuses on creating modular electrification systems, aiming to bring battery-electric power to the construction industry. This work is bolstered by a recent 1.1 billion KRW Pre-A investment round led by Magna Investment, KRYPTON, The Invention Lab, and BNK Busan Bank. The company is now preparing for a Series A funding round targeted at approximately 5 billion KRW, with discussions already underway with both domestic and international investors since June 2025.
A core component of ELLECT’s success is its incubation within the KICT Smart Construction Support Centre. This center,designed to foster innovation in the construction technology sector,provides ELLECT with thorough support,encompassing idea realization,prototype production,demonstration programs,and acceleration initiatives. The center also facilitates investment opportunities, sales channel development, and broader market promotion. Currently, the KICT center is actively supporting ELLECT’s IoT joint development project, offering research validation testing, connections with public institutions, and assistance with external promotion.
CEO Choi outlined the company’s immediate goals: “This year, our goal is to lay the foundation for entering the battery-electric excavator market in earnest through the development of battery electrification modules.” ELLECT is also exploring opportunities within the carbon credit trading market, leveraging IoT technology developed through the smart Construction Support Project and integrated into their electrification modules.
ELLECT’s team currently comprises nine members, with plans to expand to twelve by the end of the year, adding crucial R&D and production personnel to support the domestic launch and future growth. The company is actively building its market presence through collaboration with Volvo Construction Equipment’s domestic sales network and is actively pursuing partnerships for global market expansion, including collaborations with battery, ESS (Energy Storage System), and construction machinery manufacturers. ELLECT has also been recognized as a participant in the Goverment Unicorn Project within the R&D Special Zone, receiving 2.35 billion KRW in funding over two years.
