EL&F is restructuring its business portfolio around high-nickel NCM (nickel, cobalt, manganese) and lithium iron phosphate (LFP) cathode materials. In response to the temporary demand stagnation in the electric vehicle market and changes in the battery sector, the company plans to significantly expand its LFP operations and target new demand areas such as 46mm batteries and robotics, with a goal of increasing total shipments to 4.5 times the 2025 level by 2030.
According to industry sources, EL&F held its '2026 Investor Day' on September 17 at its facility in Gyeongsan, Daegu, where it unveiled its long-term growth strategy to domestic and international institutional investors and analysts.
This event was organized to share EL&F's long-term business strategy in response to global battery market changes, the current status of key projects, and the competitiveness of next-generation cathode material technologies directly with investors.
Building on its technological expertise in high-nickel NCM, EL&F aims to continue developing products that meet the demands of the next-generation battery market. The company has set a target of achieving an average annual growth rate of 23% in NCM shipments by 2030, responding to the growing adoption of its 46mm products, which began supply in late 2022, and expanding its application areas to include new sectors like robotics.
In the LFP sector, EL&F's strategy focuses on securing performance competitiveness based on high-density products while establishing a differentiated competitive edge in the global energy storage system (ESS) and affordable electric vehicle (EV) markets through domestic production and non-Chinese supply chains. The company plans to begin shipments of LFP cathode materials for ESS in 2026, marking the start of its full-scale entry into the non-Chinese ESS market, with plans to expand applications to affordable EVs in the future.
EL&F is accelerating its competitiveness in LFP mass production through its wholly-owned subsidiary, EL&F Plus, which is dedicated to LFP cathode production and sales. EL&F Plus shipped its first pilot products from the country's first LFP cathode mass production line at the end of July. By the end of the third quarter, it plans to commence mass production of LFP cathode materials at an annual capacity of 30,000 tons, with a phased plan to establish a total production capacity of 60,000 tons by the first half of 2027. The company is also considering expanding LFP production capacity to over 120,000 tons to meet the growing global ESS demand and additional supply requests from multiple customers.
During the event, EL&F shared the progress of its long-term goals presented at the first Investor Day in 2024. Thanks to strengthened competitiveness in high-nickel products and the expansion of its LFP business, the company expects its shipments in 2026 to double compared to 2024, with projections indicating that 2027 shipments will exceed the previously set targets. Additionally, the proportion of new overseas customers is also expected to surpass the initial goals.
Ryu Seung-heon, Chief Financial Officer of EL&F, stated, "We will enhance the technological competitiveness of high-nickel NCM and actively expand our LFP business while broadening our business base into new growth areas such as 46mm and robotics. We will continuously diversify our product and customer portfolio to improve our responsiveness to market changes."
* This article has been translated by AI.
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