66-year-old Korean founder becomes a billionaire through photovoltaic technology

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A Korean investment securities analyst stated that this Korean company founded by Hwang Chul-joo is the only manufacturer outside China capable of producing certain high-end photovoltaic-specific equipment.

Solar cells. Image source: GETTY

Original title: “Kwojo Star Project’s stock soars on advanced photovoltaic technology, founder becomes billionaire”

A little-known Korean industrial equipment manufacturer, Jusung Engineering, has seen its stock price surge about 80% since mid-April. Previously, there was news that if China restricted exports of solar manufacturing equipment, the company would benefit. This surge in stock price has propelled founder, chairman, and CEO Hwang Chul-joo into billionaire status.

66-year-old Hwang Chul-joo holds a 26% stake in Jusung Engineering, making him the largest shareholder. The company is listed on Korea’s Kosdaq startup board, home to many tech companies. His wife, Kim Jae-ran, and son, Hwang Eun-seok, together hold just over 4%. Forbes estimates that with a closing price of 12,660 won on Monday, Hwang Chul-joo and his family are worth $1.1 billion.

Jusung Engineering is headquartered in Gwangju, Gyeonggi Province, near Seoul. Its main business is mass production equipment for semiconductors, solar cells, and advanced digital displays. Its core technology is thin-film deposition, which involves coating materials at an atomic level onto substrates like silicon wafers and glass. These thin films can be used to build circuits inside chips or significantly improve the light absorption rate of solar panels (since pure silicon substrates reflect some sunlight).

Korea Investment & Securities analyst Chae Min-sook stated in a report on April 21 that if the Chinese government restricts exports of heterojunction (HJT) high-end photovoltaic technology to the U.S., “Jusung Engineering could become the only feasible alternative supplier.” Reuters previously reported that China is considering export controls on high-end photovoltaic manufacturing equipment, with heterojunction being a key technology for producing high-efficiency solar panels.

This potential shift could significantly boost Jusung Engineering’s revenue and net profit. The company’s performance was under pressure last year due to increased R&D investments: net profit in 2025 fell 67% year-over-year to 107 billion won, and revenue declined 24% year-over-year to 3.11 trillion won (about $126.6k). The company mainly relies on semiconductor business, supplying atomic layer deposition (ALD) equipment to giants like SK Hynix. According to Gartner, a research firm, Jusung Engineering ranks as the fourth-largest atomic layer deposition equipment manufacturer globally, behind Dutch ASM International, Japanese TEL, and American Lam Research.

Hwang Chul-joo founded Jusung Engineering in 1993 and pushed for its listing in 1999. He previously worked at Hyundai Electronics (now SK Hynix) and ASM International. He studied electrical engineering at Inha University in Incheon, west of Seoul.

This article is translated from:

Author: John Kang

Translator: Nora

Proofreader: Lemin

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