S-Oil is continuing to make investments in promising startups in the fields of batteries, new materials, smart factories and carbon emissions, said the oil refining company as it announced Monday its fifth investment.

The company inked an investment deal with Beomjun E&C earlier this month, a firm with a modified sulfur technology for high-performance asphalt, as part of its preemptive efforts to collaborate with such firms that could create synergy with the petrochemical and oil refining businesses.

Previously, S-Oil had invested in four firms that develop artificial intelligence-based industrial solutions, high-tech materials, flexible batteries and clean development mechanisms.

S-Oil recently announced that it will enter new markets like hydrogen, fuel cell and recycling to achieve a sustainable growth in its 2030 plan.

“The company is considering making additional investments in firms related to smart factory, high-tech material, battery and carbon emission reduction,” a company official explained.

By Song Su-hyun (song@heraldcorp.com)