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 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Enchem is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 13 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 |
|---|---|---|---|---|---|---|---|
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | -1.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Nissan Motor | lead2 | +14.2 | -23 | +30.6 | -25.4 | -11.8 | -17.7 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -27.2 |
| SAIC Motor | lead2 | -12.1 | -16.2 | -6.8 | +29.1 | -17.2 | -28.4 |
| UBTech Robotics | lead2 | · | · | · | -21.6 | +95.4 | -39.2 |
| CATL | lead1 | +67.4 | -21.4 | -40.6 | +74.5 | +39.4 | +1.2 |
| SK Innovation (SK On) | lead1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | -8.1 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| Enchem | node | · | -37.4 | +173.9 | -20.5 | -26.1 | -76.7 |
YTD as of 2026-06-30 · source: Yahoo Finance
Enchem's thesis is a North American electrolyte oligopoly created by FEOC rules plus lithium-salt vertical integration. It pre-emptively started a 100kt/yr Georgia plant to supply North America's Big 3 cell customers (SK On, LG Energy Solution) locally, reaching a 53% North American share in 2024 — with top Chinese rivals blocked from the US by FEOC rules, that share is dominant, and it is one of few firms qualified for the US AMPC (45X) credit. Internalizing lithium salt (LiPF6), about 40% of cost, via the EDL joint venture (Saemangeum, 50kt/yr) to cut China reliance is the margin-defense axis. But the 2025-26 share plunge reflects slowing EV demand and falling electrolyte prices. Re-rating triggers are North American utilization and AMPC policy, diversification into China and Europe (a ~KRW 1.5tn CATL deal reported imminent), and the lithium-salt internalization coming online.
Analysis generated from returns as of 2026-06-30Analyst 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.