L&F

What L&F does

L&F (LANDF Corp., KOSPI: 066970) is a South Korea-based manufacturer of cathode active materials for lithium-ion secondary batteries, headquartered in Daegu with consolidated revenue of 21,549억 KRW (~2.15 trillion KRW) and 1,923 employees at end-FY2025. Its core products are high-nickel NCM (Ni90%, Ni95% / NCMA95), LCO for IT devices, and LFP for ESS and affordable EVs, produced across multiple factories in Daegu and Gumi. Technical differentiation rests on proprietary MPMC® surface treatment, the world's first Ultra High-Nickel NCMA 95% mass production capability, and — through a next-generation Fe2O3-based process plus in-house iron phosphate (FP) precursor technology — the first non-China LFP cathode production at scale.

The company operates a hardware-sales B2B model, supplying cathode active materials directly to global battery cell manufacturers and EV OEMs through long-term enterprise contracts, with no publicly disclosed end-customer pricing. Go-to-market is enterprise field sales anchored on direct technical engagement with major Korean and global cell makers; Samsung SDI is the headline customer under a 1.6 trillion KRW LFP supply contract (2027–2029) targeting the North American ESS market. L&F Plus (LFP subsidiary), JHC (precursor/recycling), and the LLBS joint venture with LS Group (NCM precursor at Saemangeum) provide vertical integration from precursor to cathode, while the ABB smart factory at Guji Plant 1 and CATENA-X-verified blockchain LCA system support EU Battery Passport compliance and Scope 3 carbon tracking.

Recent performance shows a sharp operating turnaround: three consecutive quarters of operating profit expansion through Q1 2026, FY2025 shipment volume +34% YoY, and high-nickel cathode shipments +75% YoY. Revenue mix is shifting toward high-nickel NCM premium EV applications and LFP for ESS/data-center power, with the L&F Plus plant ramping 30,000 → 60,000 tons/year by H1 2027 and LLBS precursor coming online in Q4 2026.

Name

L&F

Legal name

(주)엘앤에프 (LANDF Corp.)

Website

https://landf.co.kr

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

L&F is a South Korean manufacturer of lithium-ion battery cathode active materials — high-nickel NCM, LCO, and LFP — supplying global battery cell makers and EV OEMs under long-term enterprise contracts from its Daegu-based production complex.

Ownership category

akta.pro rank

Product category

Battery Cathode Materials

NAICS

Battery Manufacturing (33591)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Cathode Active Materials (CAM) Manufacturing (EUAFABAB)

akta.pro secondary industry

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI)

Keywords

• Cathode active materials
• Lithium-ion battery materials
• NCM cathode production
• LFP battery materials
• Battery precursor materials

Headquarters

HQ city

Daegu

HQ country

South Korea

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Battery Cathode Materials Sales: L&F generates revenue primarily from manufacturing and selling lithium-ion battery cathode active materials including NCM (Nickel-Cobalt-Manganese) and LFP (Lithium Iron Phosphate) products to major battery manufacturers and EV makers. The company operates a dual-track strategy with high-nickel NCM and LFP product lines.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

L&F manufactures and sells lithium-ion battery cathode active materials, including NCM (Nickel-Cobalt-Manganese), LCO (Lithium Cobalt Oxide), and LFP (Lithium Iron Phosphate) cathode materials. The company supplies high-nickel NCM and high-density LFP products to major battery manufacturers and EV makers, with vertical integration from precursor production through cathode manufacturing and battery recycling.

Product overview

L&F is a global manufacturer of cathode active materials for lithium-ion secondary batteries, producing NCM (LiNiMnCoO2), LCO (LiCoO2), and LFP (LiFePO4) chemistries. Its core product lineup includes high-nickel NCM/NCA cathode materials (LiNiMnCoO2) with proprietary MPMC® surface treatment technology, targeting EVs, ESS, IT devices, e-bikes, drones, and power tools; LCO (LiCoO2) for consumer electronics; and LFP (LiFePO4) for ESS and affordable EVs produced through the L&F Plus subsidiary. Vertical integration is achieved through JHC (precursors and recycling), LLBS (NCM precursor joint venture with LS Group), and the ABB smart factory for quality/process optimization. The company operates from South Korea (HQ in Daegu) with subsidiaries L&F Plus (LFP), JHC (precursor/recycling), and overseas operations in China.

Differentiator

Problem solved

Functional benefit

Brands

• MPMC®: Proprietary surface treatment technology for cathode materials
• Innovation Center

Products and services

• NCM (LiNiMnCoO2) Cathode Active Materials
• LCO (LiCoO2) Cathode Active Materials
• LFP (LiFePO4) Cathode Active Materials
• Battery Precursor Materials (PED)
• Battery Recycling (Closed-Loop)

Quantifiable outcome

• 2025 annual shipment increased 34% YoY; high-nickel cathode shipments expanded approximately 75%
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature9 records

Partnerships

13 partnerships are on record, tiered supporting, core and major.

• Daegu Regional Environmental Office, Korea Industrial Complex Corporation (대구지방환경청, 한국산업단지공단)supportingStrategic or Co-development Partner · 1 July 2026MOU for renewable energy supply expansion in Daegu industrial complexes. Utilizing idle land for solar power expansion.
• CISkemical (씨아이에스케미칼)coreStrategic or Co-development Partner · 7 May 2026LFP and NCM battery recycling cooperation MOU. Joint development of recycling feedstock sourcing, full-cycle technology cooperation, recycled product quality standards, and closed-loop business model. CISAkematical has 98%+ material recovery rate technology. Collaboration includes strategic investment in CISAkematical by L&F.
• Daegu West Employment and Labor Office (대구서부고용노동지청)supportingStrategic or Co-development Partner · 30 March 2026MOU for regional youth employment activation. Customized recruitment support, job fair programs, and employment policy linkage.
• LS Group / LS MnM (LS-엘앤에프 배터리솔루션, LLBS)coreStrategic or Co-development Partner · 25 March 2026Joint venture for NCM precursor production (40,000 tons/year) at Saemangeum. Vertical integration from precursor to cathode materials. LLBS targeting Q4 2026 commercial production.
• DGIST (대구경북과학기술원)coreStrategic or Co-development Partner · 23 March 2026AX (AI Transformation) joint research cooperation. Joint research organization establishment, AX convergence technology development, technology verification and commercialization. Collaboration on robotics and mobility industry AX promotion.
• KAIST and 3 Other National Science Institutes (4대 과기원)coreStrategic or Co-development Partner · 11 March 2026AX joint research consortium with 4 major science institutes and 14 companies. Open research collaboration model combining AI talent/research capabilities with industry data and implementation base.
• ABB / LS Electric (ABB, 대구광역시, 대구테크노파크)majorStrategic or Co-development Partner · 5 March 2026ABB technology diffusion MOU for regional manufacturing DX acceleration. L&F provides operational reference based on ABB smart factory implementation experience. Collaboration on ABB technology education, factory implementation support, and enterprise networking.
• CISkemical (씨아이에스케미칼)coreStrategic or Co-development Partner · 14 May 2025LFP and NCM recycling MOU for closed-loop battery ecosystem in Korea.
• Samsung SDIcoreChannel Partner/ Reseller/ Distributor · 15 January 2024LFP cathode material supply contract. 1.6 trillion won contract (2027-2029), first non-China LFP supply contract. Targeting North American ESS market.
• Korea Polytechnic University (한국폴리텍대학)supportingStrategic or Co-development Partner · 24 August 2023MOU for industry-academia cooperation, employment-linked customized education/training activation, and successful employment support.
• Kyungpook National University (경북대학교)supportingStrategic or Co-development Partner · 26 April 2023MOU for secondary battery field specialized talent cultivation and industry activation through mutual cooperation.
• Keimyung University (계명대학교)supportingStrategic or Co-development Partner · 21 April 2023MOU for Daegu future mobility industry localized talent development and mutual cooperation for industry-academia collaboration.
• Yeungnam University of Science and Technology (영남이공대학교)supportingStrategic or Co-development Partner · 7 April 2022MOU for youth employment activation through industry-academia cooperation.

Scale indicators12 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• Sumitomo Metal Mining: Japanese non-ferrous metal and materials producer with a battery materials division making NCA and NCM cathode materials, primarily supplying Panasonic/Tesla and other Japanese cell makers. Directly comparable on chemistry (high-nickel NCM/NCA) and non-China manufacturing footprint serving premium EV OEMs.
• Umicore (Rechargeable Battery Materials): Belgian-headquartered materials company with a dedicated Rechargeable Battery Materials division producing NCM and precursor CAM for European and global cell makers. Directly comparable to L&F on NCM cathode chemistry and EU OEM customer base, and a non-China alternative competing for the same IRA/EU-reshoring demand.
• Shenzhen Dynanonic Technology: China-listed (ChiNext) major LFP cathode active material producer serving Chinese and global cell makers for ESS and EV applications. Directly comparable to L&F's L&F Plus subsidiary on LFP chemistry, ESS market focus, and large-tonnage plants, with significantly larger scale from China.
• Targray Battery Materials: Canadian-headquartered battery materials distributor and supplier of cathode active materials (NCM, LFP, LCO), precursors, and electrolytes to North American and global cell makers. Directly comparable to L&F as a North American channel for non-China CAM, including LFP for ESS/data center applications.
• Beijing Easpring Material Technology: China-listed (SHE) cathode active materials maker producing NCM, NCA, and LFP cathode materials, with strong global cell-maker customer base. Directly comparable to L&F on chemistry mix (NCM+LFP) and end-markets (EV + ESS), but based in China with much larger scale.
• Ecopro BM: Korean-listed (KOSPI) high-nickel NCM cathode material manufacturer and one of the largest non-China CAM producers. Comparable to L&F on chemistry focus, customer base (Samsung SDI, SK On, LGES), and Korea-centric manufacturing footprint.
• Nichia Corporation: Japanese specialty chemical and materials company that is the world's leading producer of LCO (LiCoO2) cathode active materials for consumer-electronics lithium-ion batteries. Directly comparable to L&F on the LCO side of its product portfolio and on Japan/Korea cathode supply ecosystems.
• POSCO Future M: Korean-listed (KOSPI) battery materials subsidiary of POSCO Holdings producing NCM cathode active materials, precursors, and anode materials for major global cell makers. Closest direct comp to L&F on Korean NCM cathode market, scale, and Samsung SDI/LGES customer overlap.
• Hunan Yuneng New Energy Battery Material: China-listed (ChiNext) one of the world's largest LFP cathode active material producers, supplying Chinese cell makers and expanding overseas. Directly comparable to L&F's LFP Plus subsidiary on LFP chemistry, ESS/EV end-markets, and large-tonnage production scale.

Broad incumbents

• BASF Battery Materials (BASF Catalysts): German chemical giant that operated a global cathode active materials business serving European cell and EV OEMs, which it has been winding down since 2023. Comparable to L&F as a large incumbent non-China NCM CAM producer; still a relevant benchmark for European OEM customer relationships and IRA-driven capacity decisions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance15 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments2 records

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

Frequently asked questions about L&F