UPDATED. 2024-07-17 07:31 (수)
Eco&Dream to expand precursor capacity to 100,000 tonnes
Eco&Dream to expand precursor capacity to 100,000 tonnes
  • Stan Lee
  • 승인 2024.06.05 07:18
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Battery material maker aims for 100 billion won annual revenue
Eco&Dream Research Head Kim Tae-min Image: TheElec
Eco&Dream Research Head Kim Tae-min Image: TheElec

Precursor producer Eco&&Dream is aiming to turn a profit this year and hit 100 billion won in revenue.

The company is also aiming to expand its annual precursor production capacity to 100,000 metric tonnes, its research head Kim Tae-min told TheElec.

Eco&Dream saw its revenue for the first quarter surge 300% year-on-year, buoyed by a recent long-term contract to supply precursors to an unnamed customer for NCM cathode. Precursors are used to make battery cathodes.

The company was founded in 2004 and started off by selling catalyzer that removes gases from combustible engine cars.

Once that business settled as a steady revenue stream, Eco&Dream founder and CEO Kim Minyong mulled over what new business area the company should enter in 2007 and ultimately started its battery precursor business in 2008, the research head said.

This was because design of the catalyzer was similar to how they would approach precursors, Kim Tae-min explained.

Eco&Dream first produced precursors for batteries used in small power tools. In 2016, the company seemingly caught its big break when it started supplying precursors to chemical giant LG Chem for batteries aimed at electric vehicles. However, China and South Korea’s dispute over the installation of missile systems caused LG Chem to halt the deal in just three months.

The rise of Chinese precursor companies also meant the market was highly competitive as they offered good products and competitive prices, the research head said.

However, since the US Inflation Reduction Act took place, which is restricting Chinese companies’ exports, Eco&Dream has seen its earnings jump. The South Korean precursor maker has 13 patents related to its precursors and have core precursor synthesizer technology, Kim said.

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