Global secondary-battery electrolyte leader (Korea No.1)
Enchem
Enchem is Korea's No.1 and a top-tier global maker of secondary-battery electrolytes. It pre-emptively started a 100,000 ton/year plant in Georgia to supply North American cell customers such as SK On and LG Energy Solution locally, reaching a 53% North American electrolyte share in 2024. It is internalizing lithium salt (LiPF6), which accounts for about 40% of electrolyte cost.
348370.KS Updated Jul 12, 2026 6 AI consumers· 4 recurring
Per the valuechain.wiki graph, Enchem is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 14 companies within two hops; the links are backed by 8 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Revenue KRW 312.8bn (2025 consolidated, -14.5%), net loss KRW 70.6bn (sharply narrowed from -558.3bn)
- Customer concentration · With Chinese electrolyte makers effectively blocked from the US by FEOC rules, Enchem's North American share is dominant (53% No.1 in 2024). Its Georgia 100k-ton plant is pre-launched. 2025 revenue fell on the EV slump and electrolyte-price declines, but net loss narrowed sharply (-558.3bn to -70.6bn); the CATL mega-contract and LiPF6 internalization target a 2026 turnaround.
- Segments · Electrolyte · LiPF6 internalization
Revenue from
- CATL High confidence· Amount ₩1.5T · CATL 5년(2026-2030) 계약
A 5-year (2026-2030) contract to supply CATL with 350,000 tons of electrolyte (~KRW 1.5tn at current prices) — Enchem enters the largest Chinese cell customer, diversifying CATL's electrolyte sourcing beyond Tinci. A core of non-North-America volume visibility.Confirms KO Newsworker Published Dec 24, 2025: Enchem signs 5-year, 350k-ton electrolyte supply deal with CATL (~KRW 1.5tn)Confirms EN KED Global Published Nov 28, 2025: Enchem tipped to secure $1 bn electrolyte supply deal with CATL - SK온 High confidence· Amount ₩312.8B · Enchem FY2025 매출(-14.5%)
Enchem's Georgia plant began first electrolyte deliveries to SK On's Georgia plant in March 2023. SK On is one of Enchem's Big 3 North American cell customers.Mentions KO Pax Economy TV (analyst view) Published Feb 25, 2026: Enchem: 2026 North America regulatory inflection; FEOC strengthens supply-chain position, turnaround expectedConfirms EN KED Global Published Oct 15, 2021: Enchem: A Samsung hive-off that turns into an electrolyte giant - LG Energy Solution High confidence· Amount ₩312.8B · Enchem FY2025 매출(-14.5%)
Enchem's Georgia plant began supplying the Ohio plant of Ultium Cells (LG Energy Solution-GM JV) in August 2023. LG Energy Solution is one of Enchem's Big 3 North American cell customers.Confirms EN KED Global Published Oct 15, 2021: Enchem: A Samsung hive-off that turns into an electrolyte giant
Pays to
- 리튬염 (LiPF6) 원료 (비공개) High confidence· Amount ₩312.8B · Enchem FY2025 매출(-14.5%)
Lithium salt (LiPF6) is the key raw material, about 40% of electrolyte cost. Enchem is internalizing it via its EDL joint-venture plant in Saemangeum to cut reliance on China, sourcing externally until then. - 유기용매·첨가제 (비공개) Medium confidence· Amount ₩312.8B · Enchem FY2025 매출(-14.5%)
Enchem procures carbonate organic solvents and functional additives for electrolyte production. Individual suppliers and amounts are not disclosed.
Investments
- EDL (리튬염 합작, 중앙디앤엠) High confidence· Amount 600.5 KRW억 · 2023~2026 · EDL Saemangeum lithium salt plant (50kt/yr)
EDL, a joint venture of Enchem and Joongang DNM, is investing about KRW 600.5bn to build a 50,000 ton/year lithium salt (LiPF6) plant in the Saemangeum complex, a vertical-integration move to self-supply the key electrolyte raw material and cut reliance on China.Confirms EN KED Global Published Jun 16, 2023: S.Korea's Enchem to build lithium salt plant in Saemangeum
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Ford Motor Company | lead2 | +137.5 | -42.2 | +15.8 | -13.1 | +42.3 | +15.3 |
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | +12 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +10.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +8.4 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -10.8 |
| Nissan Motor | lead2 | +14.2 | -23 | +30.6 | -25.4 | -11.8 | -16.5 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -19.9 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -21.3 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -22.2 |
| SAIC Motor | lead2 | -12.1 | -16.2 | -6.8 | +29.1 | -17.2 | -24.1 |
| UBTech Robotics | lead2 | · | · | · | -21.6 | +95.4 | -38.8 |
| SK Innovation (SK On) | lead1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | +23.5 |
| CATL | lead1 | +67.4 | -21.4 | -40.6 | +74.5 | +39.4 | +2.2 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | -9.9 |
| Enchem | node | · | -37.4 | +173.9 | -20.5 | -26.1 | -79 |
YTD as of 2026-08-31 · source: Yahoo Finance
Enchem operates across Global secondary-battery electrolyte leader (Korea No.1). It remained weak at -26.1% in 2025 and -79% in 2026. The demand side (avg +5.3%) leads the stock (-79%), so customer moves come first here. Among connected nodes the furthest ahead is SK Innovation (SK On) (+23.5%) and the furthest behind is LG Energy Solution (-9.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It is internalizing lithium salt (LiPF6), which accounts for about 40% of electrolyte cost.
Analysis generated from returns as of 2026-08-31Analyst ratings
Consensus: Buy 0 · Hold 0 · Sell 0
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Daishin Securities | N.R (Not Rated) | — | Mar 28, 2024 | Report ↗ |
| eBest Investment & Securities | Not Rated | — | Jun 27, 2023 | Report ↗ |
No formal sell-side coverage with price targets; only Not Rated visit/issue notes from Daishin and eBest have been verified.