From left: Clay Chandler, editor-in-chief of Fortune Asia, Sun Joo-hyun, president of Posco Asia, and Fang Ruan, managing partner of Boston Consulting Group Hong Kong, pose for a photo at the Fortune Innovation Forum in Hong Kong on Wednesday. (Posco Future M)

Korean battery material and chemical company Posco Future M has been recognized by Fortune Asia as one of the top 30 most innovative companies in Asia, set to drive future growth, the company said on Thursday.

The 2024 Fortune Asia Future 30 award was presented at the Fortune Innovation Forum in Hong Kong on Wednesday. Posco Future M's progress from traditional industrial materials to leading-edge sectors like cathode material production has been marked by significant achievements, including the successful localization of core battery materials and a strategic merger to produce both cathode and anode materials.

The list recognizes companies in the Asia-Pacific with revenues or valuations above $10 billion, emphasizing their innovation and growth potential. Other Korean innovators on the list include Naver, Celltrion and Kakao.

From 2019 to 2023, the company's revenue surged by about 220 percent.

“This accolade really spotlights our leadership in innovation across Asia, a region where the competition is incredibly tough,” said Posco Future M CEO Yoo Byung-ok.