Top Material
Top Material is a South Korean KOSDAQ-listed battery materials and system engineering company that develops LFP cathode materials, electrodes, primer coatings, production equipment, and turnkey factory solutions for battery manufacturers, automotive OEMs, and research institutions serving EV, ESS, and power tool markets.
- Company typePublic
- Founded2012
- HeadquartersSeongnam, South Korea
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What Top Material does
Top Material Co., Ltd. is a South Korean, KOSDAQ-listed (ticker: 360070) battery materials and system engineering company founded in 2012 by veterans of Samsung SDI and A123systems. The company is headquartered in Icheon-si, Gyeonggi-do, with manufacturing operations in Asan-si (electrode production) and Pyeongtaek-si, and employs 51-100 people. Its core competency is the development and production of Lithium Iron Phosphate (LFP) cathode active materials, with two commercialized product lines: TFS-C (a fully milled LFP engineered for high compaction density and low internal resistance) and TFS10 (a spherical LFP designed for blending with NCM or milled LFP to enhance cycle life and packing density). Beyond cathode materials, Top Material manufactures battery electrodes using NCM, LFP, graphite, C/Si composite, and LTO chemistries, and sells conductive primer coating inks and primer-coated Al/Cu foils that improve electrode adhesion to current collectors.
The company monetizes through five distinct revenue streams: cathode active materials sales, electrode manufacturing and foundry services, primer coating material sales, battery production equipment supply (mixing, coating, calendering, slitting, cell assembly lines for cylindrical, pouch, Li-metal pouch, and Al prismatic formats, plus formation/test equipment), and system engineering services covering custom cell design, process engineering, factory layout, equipment installation, acceptance testing, and MES/APQP setup. Customers are B2B and span battery manufacturers serving EV, energy storage, and power tool markets, automotive OEMs, and battery technology startups and research institutions that need shared pilot-scale manufacturing infrastructure (e.g., the Electrochemistry Foundry consortium in California). Go-to-market is primarily direct enterprise sales supported by strategic partnerships (SES AI for Korea drone/UAM production, ECF for US pilot manufacturing) and a public-company channel via KOSDAQ listing. Total assets stood at approximately 203.2 billion KRW (~$150M USD) as of December 2023, up from 121.4 billion KRW in 2022.
Top Material firmographics
Firmographics- Name
- Top Material
- Legal name
- Top Material Co., Ltd.
- Website
- https://topbattery.co.kr
- Company type
- Public
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Top Material is a South Korean KOSDAQ-listed battery materials and system engineering company that develops LFP cathode materials, electrodes, primer coatings, production equipment, and turnkey factory solutions for battery manufacturers, automotive OEMs, and research institutions serving EV, ESS, and power tool markets.
- Ownership category
- akta.pro rank
Top Material industry classification
Industry- Product category
- Battery Materials and Manufacturing Equipment
- NAICS
- Battery Manufacturing (33591), Electrical Equipment Manufacturing (3353), Battery Manufacturing (335910)
- SIC
- Electrical Industrial Apparatus (3620), Miscellaneous Electrical Machinery, Equipment & Supplies (3690), Electronic & Other Electrical Equipment (No Computer Equip) (3600)
- akta.pro primary industry
- Cathode Active Materials (CAM) Manufacturing (EUAFABAB)
- akta.pro secondary industries
- Battery Pack Manufacturing & Module Assembly (EUAFABAI), Battery Cells (Li-ion, LFP, Sodium-ion, Lead-acid, NiMH) (IMAGAHAA), Formation, Testing & Quality/Metrology Equipment for Batteries (EUAFABAK), Battery Modules & Packs (Industrial/Commercial pack assembly) (IMAGAHAB)
Keywords
Where Top Material is headquartered
LocationHeadquarters
- HQ city
- Seongnam
- HQ country
- South Korea
- HQ region
- Asia
Offices3 records
Markets served
Top Material business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales
Revenue model
- Cathode Active Materials Sales: Development, production and sale of LFP (Lithium Iron Phosphate) cathode active materials including TFS-C (milled) and TFS10 (spherical) models. Materials are sold to battery manufacturers for EV, ESS, and power tool applications.
- Electrode Manufacturing and Sales: Production and supply of electrodes (cathode and anode) using NCM, LFP, Si-compound chemistries. Offers both customer-designed electrodes and Top Material-designed electrodes, as well as foundry production services for custom designed electrodes.
- Primer Coating Materials: Sale of primer coating ink and primer-coated foils (Al and Cu) that improve electrode adhesion to current collectors, enhancing battery capacity, cycle life, power, and uniformity.
- System Engineering Services: Full range of engineering services including custom cell development, process/equipment engineering, factory layout design, equipment manufacturing and installation, acceptance testing/commissioning, and MES/APQP setup. Services cover pilot and giga factory lines for cylindrical, pouch, and Al prismatic cells.
- Production Equipment Supply: Design, manufacture and supply of complete battery production equipment including electrode manufacturing lines (mixing, coating, calendering, slitting), cylindrical cell assembly lines, pouch cell assembly lines, Li-metal pouch cell assembly lines, Al prismatic assembly lines, and formation/test equipment.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Top Material product offering
Product offeringCore offering
Top Material develops and manufactures LFP (Lithium Iron Phosphate) cathode active materials (TFS-C milled and TFS10 spherical), battery electrodes (cathode and anode), conductive primer coating inks and foils, complete battery production equipment (electrode manufacturing, cell assembly, formation/test), and turnkey system engineering services for pilot and giga-scale battery factories covering cylindrical, pouch, and aluminum prismatic cell formats.
Product overview
Top Material is a battery materials and system engineering company founded in 2012, offering a comprehensive portfolio of LFP (Lithium Iron Phosphate) cathode active materials, electrodes, primer coating solutions, production equipment, and engineering services. The core product line includes TFS-C (fully milled LFP) and TFS10 (spherical LFP) cathode materials, complemented by primer coating ink and foils for enhanced electrode adhesion. The company manufactures electrodes with various chemistries (NCM, LFP, Graphite, C/Si compounds, LTO) and provides complete production equipment for electrode manufacturing, cylindrical/pouch/prismatic cell assembly, and formation/testing. System engineering services enable customers to design and build pilot or giga-scale battery manufacturing facilities. Together, these products and services form an integrated battery solutions ecosystem spanning materials, components, equipment, and factory engineering.
Differentiator
Problem solved
Functional benefit
Products and services
- TFS-C LFP Cathode Material
Quantifiable outcome
- LFP cathode materials with higher compaction density than conventional LFP, maximizing active material loading and improving cell Wh/kg at the pack level.
- +2 more outcomes
Companies that use Top Material
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Top Material technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Top Material partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Electrochemistry Foundry (ECF)coreTop Material provides operational support to the Electrochemistry Foundry (ECF), a nonprofit launched with a $28 million California Energy Commission award to establish a 20,000-sq-ft battery pilot manufacturing line in Hayward, California (completion late 2026). ECF consortium includes UC Berkeley, UC Riverside, Lawrence Berkeley National Laboratory, Volta Foundation, and Catalyst Innovation Group.
- SES AIcoreTop Material collaborates with SES AI to increase battery manufacturing capacity for drones and urban air mobility in Korea, aiming to build an NDAA-compliant supply chain. SES AI plans to triple its factory capacity to nearly one million battery cells targeting markets such as drones, EVs, and robotics.
Scale indicators4 records
Recent moves7 records
Expansion highlights5 records
Top Material competitors and assessment
Company assessmentDirect peers
- POSCO Future M: Korean cathode active materials producer (NCM, LFP) and one of the largest non-Chinese CAM suppliers. Directly comparable as a publicly listed Korean competitor in cathode materials supplying the same Korean cell makers and global OEMs.
- Targray: North American distributor and developer of cathode active materials (LFP, NMC) and battery raw materials. Comparable as a CAM-focused materials supplier serving similar mid-tier cell makers and ESS developers.
Broad incumbents
- Umicore: Belgian global materials company with a major battery cathode materials business (NCM, LFP precursors). Comparable as an established Western CAM supplier competing for the same non-Chinese OEM battery materials wallet.
- BASF: German chemical giant with a battery materials business (CAM and precursors) including a CATL partnership. Comparable as a large diversified incumbent pursuing similar cathode material sales into EV/ESS OEMs globally.
- Sumitomo Metal Mining: Japanese non-ferrous metals major producing NCM cathode materials for automotive batteries. Comparable as a long-established non-Chinese CAM supplier operating in adjacent Asian markets with similar OEM customers.
Emerging players
- Nano One Materials: Canadian cathode materials technology company focused on LFP and nickel-rich CAM with proprietary processes. Comparable as an emerging, non-Chinese CAM technology developer pursuing similar tunable, high-performance LFP solutions.
- Mitra Chem: U.S.-based cathode materials startup focused on iron-rich LFP and LMFP chemistries with machine-learning-driven development. Comparable as an emerging Western CAM player competing for NDAA-compliant battery supply chains.
Regional players
- Easpring (CNGR/Easpring subsidiary): Chinese cathode active materials producer specializing in NCM and LFP for global EV/ESS customers. Comparable as a direct CAM competitor, with similar products but operating from China and serving similar downstream battery customers.
- Daejoo Electronic Materials: Korean electronic materials company with battery materials exposure including silicon anode and electrode additives. Comparable as a Korean-listed peer supplying specialty battery materials into similar domestic cell-maker customers.
Others
- Argonne National Laboratory (LFP technologies): U.S. national laboratory that has licensed foundational LFP CAM technologies and works with multiple Western CAM startups. Comparable as an upstream R&D and IP originator that shapes the LFP technology landscape Top Material competes in.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Top Material social profiles
Digital presenceTop Material financial estimates
Financial estimateRevenue estimate
Valuation estimate
Top Material leadership team
Management profileNumber of profiles
Profiles5 records
Top Material funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Top Material M&A and investment
M&A and investmentM&A
Investments5 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Top Material
What does Top Material do?
Top Material develops and manufactures LFP (Lithium Iron Phosphate) cathode active materials (TFS-C milled and TFS10 spherical), battery electrodes (cathode and anode), conductive primer coating inks and foils, complete battery production equipment (electrode manufacturing, cell assembly, formation/test), and turnkey system engineering services for pilot and giga-scale battery factories covering cylindrical, pouch, and aluminum prismatic cell formats.
Is Top Material a public or private company?
Top Material is a public company. It is classified as public and is currently operating.
When was Top Material founded?
Top Material was founded in 2012. It employs 51 to 100 people.
Where is Top Material based?
Top Material is headquartered in Seongnam, South Korea, in the Asia region.
How does Top Material make money?
Five revenue lines are on record. Cathode Active Materials Sales are the primary driver. The others are electrode Manufacturing and Sales, primer Coating Materials, system Engineering Services and production Equipment Supply.
Who are Top Material's main competitors?
Direct peers on record are POSCO Future M and Targray. Broad incumbents are Umicore, BASF and Sumitomo Metal Mining. Emerging players are Nano One Materials and Mitra Chem. Regional players are Easpring (CNGR/Easpring subsidiary) and Daejoo Electronic Materials. Argonne National Laboratory (LFP technologies) is listed as an others.
Does Top Material have an API?
No public API is recorded for Top Material.
What industry is Top Material in?
Top Material's product category is Battery Materials and Manufacturing Equipment. Its primary akta.pro industry code is EUAFABAB, Cathode Active Materials (CAM) Manufacturing, with a secondary code of EUAFABAI, Battery Pack Manufacturing & Module Assembly. Its NAICS code is 33591 and its SIC code is 3620.