Battery
The K-battery value chain: cell makers LG Energy Solution, Samsung SDI and SK Innovation, plus the cathode and materials names that supply the global EV industry. We cover 12 names.
Value chain
Cathode & Precursor
Sub-materials & Equipment
- SK Innovation — Refining and energy group; battery cells are produced by SK On, its unlisted subsidiary. Refining supplied the majority of FY2025 revenue.
- EcoPro — Holding company. Its battery-materials operations — cathode, precursor and lithium hydroxide — sit in subsidiaries.
- SKC — Classified by its copper-foil business (anode current collector). Chemicals remains its largest segment by revenue.
Documented supply relationships within our coverage (11)
Only relationships we could trace to a citable source are listed. Contract values are as contracted, not as delivered.
From disclosures and company announcements
- EcoPro BM → Samsung SDI: ₩43.9tn contracted high-nickel NCA cathode supply, 2024–2028 (source, 2023)
- EcoPro BM → SK Innovation: ₩10.1tn contracted high-nickel NCM cathode supply, deliveries 2024–2026 (source, 2021)
- L&F → LG Energy Solution: ₩7.2tn contracted NCMA high-nickel cathode volume agreement for 2023–2024 (source, 2022)
- L&F → Samsung SDI: ~₩1.6tn contracted LFP cathode for ESS from 2027, for the Indiana JV (source, 2026)
- L&F → SK Innovation: ₩13.2tn contracted high-nickel cathode to 2030 — counterparty is SK On, the unlisted subsidiary (source, 2024)
- POSCO Future M → Samsung SDI: ₩40tn contracted high-nickel NCA cathode supply, 2023–2032 (source, 2022)
- POSCO Future M → LG Energy Solution: ₩30.3tn contracted high-nickel NCM/NCMA cathode supply, 2023–2029 (source, 2023)
Reported by the trade press, not contract disclosures
- Chunbo → LG Energy Solution: Electrolyte salts (LiFSI) and additives; named as a customer (source, 2023)
- Chunbo → Samsung SDI: Electrolyte salts (LiFSI) and additives; named as a customer (source, 2023)
- Cosmo AM&T → Samsung SDI: Cathode material for small-cell and ESS grades; named as a principal customer (source, 2023)
- Lotte Energy Materials → Samsung SDI: Copper foil for StarPlus Energy, the Samsung SDI–Stellantis US joint venture (source, 2024)
Coverage
As of 2026-10-16 (Seoul close)
Median 20-day return across the 12 covered names: +5.63% · 9 advancing / 3 declining on the last session.
| Name | Close | Day | 20-day | 52w position |
|---|---|---|---|---|
| Lotte Energy Materials 020150 | ₩49,550 | -1.88% | +31.96% | 48.4% |
| Nano Materials 121600 | ₩57,400 | +1.59% | +19.46% | 41.3% |
| LG Energy Solution 373220 | ₩401,500 | +2.16% | +14.39% | 47.3% |
| SK Innovation 096770 | ₩152,200 | -1.23% | +13.67% | 84.3% |
| SKC 011790 | ₩92,900 | +2.99% | +8.40% | 26.1% |
| Cosmo AM&T 005070 | ₩41,250 | +3.12% | +5.63% | 35.3% |
| EcoPro BM 247540 | ₩106,400 | +3.60% | +2.80% | 10.1% |
| EcoPro 086520 | ₩81,500 | +3.30% | +1.49% | 25.2% |
| Samsung SDI 006400 | ₩530,000 | +0.95% | -0.19% | 64.2% |
| POSCO Future M 003670 | ₩171,800 | +1.30% | -2.88% | 28.6% |
| Chunbo 278280 | ₩34,150 | +0.59% | -8.57% | 11.5% |
| L&F 066970 | ₩94,300 | -6.45% | -16.84% | 19.5% |