Dongwhaelectrolyte

Market position

Described as one of the leading manufacturers of electrolytes for secondary lithium-ion batteries and as the Korean leader in electrolytes, positioned as the first Korean producer of domestically made electrolytes for secondary batteries and the first vendor to Samsung SDI. Management characterises its multi-country manufacturing footprint as a differentiator unique among Korean electrolyte companies, and states an ambition to become the world's largest electrolyte maker.

Cited differentiators are joint technology development and patents held with battery makers, status as the first domestic Korean electrolyte producer and first Samsung SDI vendor, a multi-country plant network placing production close to customers, and R&D independence from Japanese technologies.

Technology

Core capability lies in electrolyte formulation chemistry — soluble salts, acids and bases supplied as liquids, gels and dry solids for ion transfer in batteries. R&D programmes target improved voltage, high-temperature storage, power and cycle-life properties for small and large cells, plus development of new additives. The Tianjin plant houses an automated system for electrochemical processes, part of a broader smart-factory initiative. The company reports a joint patent with Samsung SDI for a non-aqueous battery electrolyte and is developing all-solid-state ("full solid") next-generation battery technology in a joint project with the government.

Go-to-market

Sales are made directly to battery makers through long-term technical cooperation, including jointly developed patents and co-located production near customer sites.

Battery manufacturers producing small cells for portable electronics and power tools and medium- and large-format cells for electric vehicles, plug-in hybrids and energy storage systems; named customers include Samsung SDI.

Geography

Headquartered in South Korea, with manufacturing plants in South Korea, China (including a Tianjin facility) and Malaysia; the parent had stated plans to add bases in Europe.

History

The company traces its operations to the founding of its first electrolyte factory in Busan in 2008, with a founding year of 2009 recorded in one company database. Operating previously as Panax Etec, it was the first Korean company to domestically produce electrolyte products for secondary batteries, with plants in Korea, Malaysia and China totalling up to 23,000 tonnes of annual output at the time of its 2019 sale. In August 2019, wood materials manufacturer Dongwha Enterprise completed the purchase of an 89.63 percent stake from a consortium led by private equity firm JKL Partners for 117.9 billion won (US$97.1 million), marking Dongwha's entry into the rechargeable battery business. Also in 2019, the company completed construction of its second factory in China. By 2021 the company operated under the Dongwha Electrolyte name and had marked its 10th anniversary.