What ENPLUS does

ENPLUS Co., Ltd. (ticker 074610, KOSPI) is a South Korean manufacturer founded in 1966 as Seoul Fire Engineering, headquartered in Hwaseong-si, with a secondary battery and new materials facility in Gimje Free Trade Zone and overseas representative offices in the Philippines and Laos. The company operates two business divisions: a Specialty Vehicles division producing fire engines (pump trucks, aerial ladders up to 53m, chemical, rescue, and CBRN vehicles), environmental and specialty vehicles (garbage trucks, road sweepers, fuel tankers), the PLUS EV 1-ton electric commercial vehicle series built on Hyundai and Kia chassis, and a smart air-purifying vehicle using photocatalyst/plasma technology; and a New Materials division producing secondary battery electrodes (NCM 811 cathode, graphite/silicon anode), carbon nanotube (CNT) conductive solutions, pouch and prismatic cells, and thermal interface materials (gap filler, gap pad, gap filling gel) for EV and ESS applications.

The company's revenue model is hardware sales across both divisions, with direct enterprise/government field sales as the primary go-to-market — domestic sales target Korean national and regional fire headquarters via procurement contracts, while overseas sales target fire services in the Philippines, Vietnam, and Laos. In new materials, ENPLUS sells electrodes and thermal materials directly to manufacturers including Hyundai Motor Group. Customer segments are predominantly government fire services (primary for vehicles) and EV/ESS battery manufacturers (primary for materials), with secondary segments in environmental services and commercial EV operators. Pricing is not publicly disclosed; vehicle contracts appear project-based tied to government procurement, and the company provides online quote inquiry for EV 1-ton vehicles.

ENPLUS positions itself as a vertically integrated player combining 50+ years of specialty vehicle manufacturing with battery materials science, supported by a portfolio of 40+ patents and certifications (IATF 16949, ISO 14001, ISO 45001, ISO 9001). Recent strategic emphasis has shifted toward new materials — a 150 billion KRW Gimje factory investment (2021), a 200 billion KRW CNT supply contract (2022), dry electrode technology showcased at InterBattery 2023, and a Saudi Arabia SIIVC investment exploration — even as the legacy fire vehicle business continues to anchor the customer base and overseas revenue.

Name

ENPLUS

Legal name

ENPLUS Co., Ltd.

Website

https://en3.co.kr

Company type

Public

Founded year

1966

Operating status

Operating

Headcount range

51–100 employees

Short description

ENPLUS is a South Korean manufacturer operating two divisions: specialty vehicles (fire engines, environmental vehicles, EV 1-ton commercial vehicles) for government and enterprise customers, and new materials (secondary battery electrodes, CNT conductive solutions, thermal interface materials) for EV and ESS manufacturers.

Ownership category

akta.pro rank

Product category

Specialty Vehicle and Battery Materials Manufacturing

NAICS

Battery Manufacturing (33591), Motor Vehicle Electrical and Electronic Equipment Manufacturing (33632), Electrical Equipment Manufacturing (33531)

SIC

Miscellaneous Electrical Machinery, Equipment & Supplies (3690), Electrical Industrial Apparatus (3620), Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Battery Pack & Module Manufacturing (EV) (IMACACAA)

akta.pro secondary industries

Truck & Commercial Vehicle Electrification Manufacturing (eAxles/Battery Packs/Fuel Cells) (IMACABAK), Battery Modules & Packs (Industrial/Commercial pack assembly) (IMAGAHAB)

Keywords

• Secondary battery electrodes
• Fire engine manufacturing
• Thermal interface materials
• Specialty vehicles
• Electric commercial vehicles

Headquarters

HQ city

Hwaseodong

HQ country

South Korea

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Specialty Vehicles: Manufacturing and sales of fire engines (pump cars, chemical cars, ladder trucks, rescue vehicles), environmental vehicles (arm roll trucks, garbage collection vehicles), and EV 1-ton long-body vehicles. Primary customers include Korean fire departments, government agencies, and international buyers in Philippines, Vietnam, and other markets.
2. Secondary Battery Materials: Manufacturing and supply of electrode materials including cathodes (NCM, LFP), anodes (graphite, silicon composite), conductive materials (CNT), and foils (Cu-foil, Al-foil) for lithium-ion batteries used in EVs and ESS.
3. Thermal Interface Materials: Production and sales of thermal management products including gap fillers, gap pads, and gap filling gels for battery packs, power electronics, and semiconductor applications.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

ENPLUS manufactures and sells secondary battery electrode materials (NCM cathodes, graphite/silicon anodes, CNT conductive slurries) and thermal interface materials (gap fillers, gap pads, gap filling gels) for EV and energy storage system applications. The company also manufactures specialty vehicles including fire engines (pump trucks, ladder trucks, chemical trucks), environmental vehicles (garbage trucks, sweepers), electric commercial vehicles (PLUS EV 1-ton series), and smart air purifying vehicles. Operations are vertically integrated across two divisions: New Materials and Specialty Vehicles.

Product overview

ENPLUS operates two main business divisions: New Materials (신소재) and Specialty Vehicles (특장). The New Materials division encompasses secondary battery electrodes (cathode NCM 811, anode graphite/silicon), carbon nanotube (CNT) conductive solutions, and thermal interface materials (gap filler, gap pad, gap filling gel) for EVs and ESS applications. The Specialty Vehicles division includes fire engines (pump trucks, ladder trucks, chemical trucks), environmental vehicles (garbage trucks, sweepers, fuel tankers), and the PLUS EV 1-ton series of electric commercial vehicles. The company also offers smart air purifying vehicles with plasma and photocatalyst technology. ENPLUS positions itself as a total solution provider combining materials technology with vehicle engineering, maintaining Korea's top market share in fire vehicles for multiple consecutive years.

Differentiator

Problem solved

Functional benefit

Brands

• PLUS EV 1톤 시리즈: Electric vehicle 1-ton long-body series including cargo, van, and refrigerated models
• 스마트 공기 정화 차량

Products and services

• Secondary Battery Electrode Materials Complete in-house manufactured electrode materials for lithium-ion batteries including NCM 811 cathodes, graphite and graphite-silicon composite anodes, copper and aluminum foils, and pouch-type/prismatic battery cells. Production includes mixing, coating, pressing, slitting, and assembly processes at the Gimje Free Trade Zone facility. Used by EV and ESS manufacturers.
• Carbon Nanotube (CNT) Conductive Solutions CNT slurry products (NMP or water base) used as a substitute for carbon black in both cathode and anode electrodes, improving conductive network formation and enhancing battery capacity and power performance. Supplied to secondary battery manufacturers.
• Thermal Interface Materials (Gap Filler, Gap Pad, Gap Filling Gel) Thermal management products for battery thermal management with high thermal conductivity, flame retardancy (UL94 V0 certified), and freeze resistance. Gap filler and pad placed between cells and heat sinks/chassis; gap filling gel blocks rapid heat transfer during battery thermal runaway. Used for ESS, EV battery modules, power electronics, and semiconductor applications.
• Fire Engines (소방차량) Full lineup of fire engine vehicles including small/medium/large fire pump trucks, chemical trucks, water tanker trucks, rescue trucks, aerial ladder trucks (32m, 46m, 53m), articulated ladder trucks (30m, 35m, 46m), and specialized CBRN vehicles. Manufactured at Hwaseong headquarters and supplied primarily to Korean government fire departments and international fire agencies.
• Environmental & Specialty Vehicles Environmental and specialty vehicles including arm roll trucks, garbage collection vehicles, vacuum suction trucks, road sweepers, and fuel tanker lorries. Manufactured at the Gimje branch facility by subsidiary Kasem Co., Ltd.
• PLUS EV 1-ton Series (플러스 EV 1톤 시리즈) Electric commercial vehicles including EV cargo trucks and box trucks (insulated, refrigerated, wing body models) built on Hyundai Porter and Kia Bonggo platforms. Korea's first EV 1-ton long-body series, designed for last-mile delivery, urban logistics, and commercial transportation.
• Smart Air Purifying Vehicle Mobile specialty vehicle using electric-intensive photocatalysis and plasma ion water filtration technology to effectively clean ultrafine dust and harmful substances. Features electrostatic precipitator, pre-filter, photo plasma lamp, bag filter, and water jet systems. Designed for dust-prone areas, landfills, fire scenes, and construction sites.

Quantifiable outcome

• First in Korea to obtain extended axle environmental certification
• +2 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Neo Nanomedic Korea Co., Ltd. (주)네오나노메딕스코리아coreStrategic or Co-development Partner · 1 November 2018Subsidiary established in June 2018 as a research center, focusing on new materials and battery technology development.
• Kasem Co., Ltd. (주)카셈coreStrategic or Co-development Partner · 1 May 2018Wholly acquired subsidiary handling environmental and specialty vehicles. Kasem specializes in environmental vehicle manufacturing, complementing ENPLUS's fire vehicle business. Located at the Kimje branch facility.
• Hyundai Motor GroupcoreTechnology or IntegrationMajor automotive manufacturer providing chassis for ENPLUS's specialty vehicles and EV 1-ton series. ENPLUS manufactures vehicle bodies and special modifications on Hyundai chassis including Porter and various models. Also customer for secondary battery electrodes.
• Kia CorporationcoreTechnology or IntegrationAutomotive partner providing chassis (Kia Bong, GL, GLS models) for ENPLUS EV 1-ton long-body vehicles and specialty commercial vehicles.
• SIIVC (Saudi Arabia)minorStrategic or Co-development PartnerSaudi International Investment Vehicle Company. ENPLUS conducting site visit confirmation in 2023 and considering large-scale investment in secondary battery business in Saudi Arabia.
• PT EN3 Green Energy (Indonesia)minorStrategic or Co-development PartnerSubsidiary established in Indonesia in 2007 for bio-ethanol and cassava chip business development.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Rev Group: US-based specialty vehicle manufacturer producing fire trucks (E-ONE, KME brands), ambulances, and commercial vehicles. Comparable product portfolio to ENPLUS's fire and specialty vehicle division, but serving primarily North American municipal markets.
• SK On: Korean EV battery cell manufacturer (spun off from SK Innovation). Both a potential customer for ENPLUS's electrode materials and a benchmark for the Korean EV battery supply chain that ENPLUS is positioning to serve.
• POSCO Future M: Korean battery materials leader producing cathode active material, anode, and precursors for EV batteries. Direct overlap with ENPLUS's secondary battery electrode and materials business, but at vastly larger scale and with tier-1 cell manufacturer customer base.

Direct peers

• MORITA Holdings: Japan-based manufacturer of fire trucks, rescue vehicles, and specialty emergency vehicles. Direct competitor in the Asian fire apparatus market and comparable in product range (pump trucks, ladder trucks, chemical trucks) to ENPLUS's Korean fire vehicle lineup.
• Rosenbauer International: Austria-based global leader in fire trucks and emergency vehicles. Direct competitor in ENPLUS's core fire engine business, particularly for international tenders in Southeast Asia and the Middle East where ENPLUS is competing with Rosenbauer on Philippines and Vietnam deals.
• EcoPro BM: Korean high-nickel cathode (NCM) manufacturer supplying Samsung SDI, SK On, and LG Energy Solution. Closest peer in terms of NCM 811 cathode electrode production technology, though EcoPro BM operates at much greater scale and global capacity.
• Daejoo Electronic Materials: Korean manufacturer of CNT (carbon nanotube) conductive materials and silicon anode materials for lithium-ion batteries. Direct overlap with ENPLUS's CNT slurry and silicon-graphite anode products, competing for similar Korean cell manufacturer customers.

Emerging players

• Xos Trucks: US-based manufacturer of electric commercial vehicles including Class 5-8 trucks and last-mile delivery vans. Comparable to ENPLUS's PLUS EV 1-ton series in targeting the commercial fleet electrification opportunity, though at heavier vehicle classes.
• Workhorse Group: US-based EV commercial vehicle manufacturer focused on medium-duty electric trucks and last-mile delivery vehicles. Comparable to ENPLUS's EV commercial vehicle business in addressing the small/medium commercial fleet electrification market.

Others

• SungEel HiTech: Korean battery recycling and secondary battery materials company. Ecosystem participant in the Korean battery value chain with potential supply chain or customer overlap with ENPLUS's secondary battery materials business, though not a direct competitor.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/en3-co-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ENPLUS