EcoPro BM

What EcoPro BM does

EcoPro BM is a Korean manufacturer of cathode active materials (CAM) for lithium-ion batteries, founded in 2016 as a subsidiary of EcoPro (founded 1998) and listed on KOSDAQ in 2019. Its core product portfolio includes high-nickel NCA and NCM cathode materials, precursors, lithium hydroxide, industrial gases, and battery recycling services. The company supplies major global battery cell manufacturers including Samsung SDI, SK Innovation, LG Energy Solution, and Sony, operating eight production facilities in Korea. The business model is B2B direct sales of qualified cathode materials under long-cycle supply agreements tied to cell makers' automotive and energy storage programs.

EcoPro BM is executing a parallel international expansion, with a 54,000 tons/year CAM campus in Debrecen, Hungary (mass production targeted from June 2026, sufficient for approximately 600,000 EVs annually), a CAM facility under development in Canada to serve North American customers, and a 39% stake in Indonesia's BNSI nickel smelter with planned 90,000 tons/year capacity, providing upstream raw material security. A ~1.2 trillion KRW rights issue is funding these buildouts. The company has also entered a joint venture with Samsung SDI and a partnership with Hyundai/Kia to co-develop LFP cathode materials, extending beyond its high-nickel NCA/NCM core. It has received the Korean Export Tower award, reaching $10 billion in cumulative exports by 2022.

Name

EcoPro BM

Legal name

주식회사 에코프로비엠

Website

https://ecoprobm.com

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

51–100 employees

Short description

EcoPro BM is a Korean cathode active materials manufacturer producing NCA, NCM, and emerging LFP chemistries for major global lithium-ion battery makers including Samsung SDI, SK Innovation, and LG Energy Solution, with production in Korea, Hungary, and Canada.

Ownership category

akta.pro rank

Product category

Battery Materials (Cathode Active Materials)

NAICS

Battery Manufacturing (33591), Battery Manufacturing (335910)

SIC

Industrial Inorganic Chemicals (2810), Electronic & Other Electrical Equipment (No Computer Equip) (3600), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Cathode Active Materials (CAM) Manufacturing (EUAFABAB)

akta.pro secondary industries

Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Battery Recycling & Materials Recovery (Li-ion, LFP, Flow, Lead-Acid) (EUAMALAE)

Keywords

• Cathode active materials
• Lithium-ion batteries
• High-nickel cathodes
• Precursor materials
• Battery materials manufacturing

Headquarters

HQ city

Cheongju

HQ country

South Korea

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Battery Materials (CAM) Sales: EcoPro BM generates the vast majority of its revenue from the sale of cathode active materials (NCA, NCM, P-NCM) to battery cell manufacturers. Revenues are derived from long-term supply agreements (LTAs) with major battery makers and spot sales. The company also benefits from upstream integration into nickel intermediates and precursor trading.
2. Nickel Intermediates Trading: Through its investments in Indonesian nickel smelting operations (IMIP, IGIP/BNSI), EcoPro BM secures offtake rights on nickel intermediates, which are used internally for cathode production and traded commercially, providing additional revenue and cost advantages.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

EcoPro BM manufactures high-nickel cathode active materials (CAM), including NCA (Nickel-Cobalt-Aluminum) and NCM (Nickel-Cobalt-Manganese) formulations, for lithium-ion batteries serving electric vehicles, power tools, and energy storage systems. The company controls an integrated value chain spanning Indonesian nickel smelting, precursor manufacturing, lithium hydroxide processing, cathode production, and battery recycling, producing materials from 8 factories in Korea, Hungary, and Canada.

Product overview

EcoPro BM (Battery Materials) is a specialized manufacturer of high-nickel cathode materials for lithium-ion batteries, operating as the core subsidiary of EcoPro Group. The company produces NCA (Nickel-Cobalt-Aluminum) and NCM (Nickel-Cobalt-Manganese) cathode active materials serving electric vehicle, power tool, and energy storage markets. EcoPro BM operates a multi-factory production network across Korea (Factories 1-5, 4N, and 5N) and Hungary (Debrecen campus with 54,000 ton annual capacity), supported by integrated operations in precursor manufacturing (EcoPro Materials), lithium processing (EcoPro Innovation), industrial gases (EcoPro AP), and battery recycling (EcoPro CnG). The company's product portfolio spans from precursor materials through finished cathode active materials, with strategic investments in nickel refining in Indonesia and production facilities in Canada to ensure a non-PFE compliant supply chain.

Differentiator

Problem solved

Functional benefit

Products and services

• NCA (Nickel-Cobalt-Aluminum) Cathode Materials High-nickel cathode active materials with aluminum doping, optimized for electric vehicle batteries and supplied to European premium automotive OEMs through the Hungary campus.
• NCM (Nickel-Cobalt-Manganese) Cathode Materials Ternary cathode materials combining nickel, cobalt, and manganese, designed for high-capacity lithium-ion battery applications in EVs, consumer electronics, and energy storage.
• Precursor Materials Intermediate precursor materials manufactured by the EcoPro Materials subsidiary, featuring particle size control, metal composition adjustment, fine separation, and metal impurity management technologies.
• Lithium Hydroxide Processing Lithium hydroxide processing operations at the Hungary Debrecen facility, operated by the EcoPro Innovation subsidiary, producing approximately 8,000 tons annually for cathode material production.
• Industrial Gases (Oxygen/Nitrogen) High-purity oxygen and nitrogen gas production by the EcoPro AP subsidiary, supplying oxygen at 16,000 m³/hour to support manufacturing operations at the Hungary campus.
• Battery Recycling Services (EcoPro CnG) Global battery recycling services operated by the EcoPro CnG subsidiary, supporting sustainable supply chains and circular economy for battery materials.

Quantifiable outcome

• 54,000 tonnes/year cathode material production capacity at Hungary plant — sufficient for ~600,000 EVs per year
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• GEMcoreStrategic or Co-development Partner · 1 January 2024EcoPro BM signed a strategic cooperation MOU with GEM for raw material supply and overall value chain collaboration. GEM is a major Chinese battery materials company, and the partnership strengthens EcoPro BM's raw material procurement and global value chain positioning.
• Hyundai Motor Company and Kia CorporationcoreStrategic or Co-development Partner · 1 January 2024EcoPro BM entered into a cooperation agreement with Hyundai Motor and Kia for the joint development of new LFP (Lithium Iron Phosphate) battery cathode material manufacturing processes. This partnership targets next-generation LFP battery chemistry for Hyundai/Kia's EV lineup, representing a strategic move into the LFP segment alongside existing high-nickel NCA/NCM products.
• PT Vale Indonesia (PTVI) — via BNSI Joint VenturecoreStrategic or Co-development Partner · 1 January 2023EcoPro and EcoPro BM are the largest shareholders (39% stake) in the BNSI (Bahodopi Nickel Smelting Indonesia) nickel smelter project — a joint venture with Indonesian state mining company PTVI and other global partners. The project is located in Sulawesi, Indonesia, as part of the IGIP (International Green Industrial Complex). Total investment is approximately ₩15 trillion (~₩15 trillion KRW), with annual nickel capacity planned at 90,000 tonnes.
• Samsung SDIcoreStrategic or Co-development Partner · 1 February 2020EcoPro BM and EcoPro established a joint venture with Samsung SDI in February 2020, forming a long-term strategic partnership for the supply of high-nickel cathode active materials. Samsung SDI is a leading global battery cell manufacturer serving automotive and consumer electronics markets.
• SK InnovationcoreStrategic or Co-development Partner · 1 February 2020EcoPro BM entered into a long-term cathode material supply agreement with SK Innovation, securing a strategic offtake relationship with one of Korea's major battery manufacturers.

Scale indicators11 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• POSCO Future M: Korean high-nickel NCM and NCA cathode materials maker spun out of POSCO, supplying Samsung SDI, LG Energy Solution and SK On with vertically integrated precursor-CAM operations. Closest direct competitor to EcoPro BM in the Korean high-nickel CAM market.
• Umicore: Belgium-based materials group with a major cathode materials business serving European and global battery cell makers. Competes with EcoPro BM in NMC high-nickel chemistries and is similarly positioning around EU CRMA local-content requirements.
• Nichia Corporation: Japanese cathode materials producer with strong presence in NCA and NCM chemistries supplying Japanese and Korean cell manufacturers. Competes with EcoPro BM for high-nickel CAM business, particularly with Sony/Panasonic customers.
• Toda Kogyo: Japanese specialty materials maker focused on cathode active materials, particularly NMC for automotive applications. Long-standing competitor in the high-quality NMC/NCA CAM segment.
• Sumitomo Metal Mining: Japanese integrated miner/refiner producing NCA cathode materials, supplying primarily Panasonic/Tesla. Competes with EcoPro BM in high-nickel NCA and benefits from upstream nickel-cobalt integration similar to EcoPro BM's BNSI strategy.
• Ronbay Technology: China's largest independent high-nickel NCM cathode materials maker, rapidly expanding global capacity and supplying Korean/Japanese cell makers. Direct competitor in the high-nickel CAM category with significant cost advantages from Chinese supply chains.
• BASF Battery Materials: BASF's cathode active materials business (Schwarzheide, Harjavalta JV) produces high-Ni NCM for European OEMs and is a key competitor to EcoPro BM's Hungary campus in the EU premium-OEM supply chain.
• Zhejiang Huayou Cobalt: Vertically integrated Chinese cobalt/nickel refiner and CAM producer with major Indonesian nickel assets (matching EcoPro BM's BNSI/IMIP footprint). Competes in both precursor and cathode materials markets globally.

Broad incumbents

• LG Chem (Battery Materials): Parent of LG Energy Solution, LG Chem operates a significant cathode materials business supplying its own cell operations and external customers. Overlaps with EcoPro BM as both supplier and competitor in NCM CAM.
• SK Innovation / SK On: Korean battery cell maker and major EcoPro BM customer (LTA c.2020) that is also increasingly integrating upstream into CAM via internal projects and partnerships. Functions as both an important customer and an emerging competitor.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks2 records

Key highlights6 records

Customer concentration

• Xx.com/sub0405
• YouTubeecopro.co.kr/sub0405
• LinkedInlinkedin.com/company/ecopro-bm

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds

Investors

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 EcoPro BM