이엔드디

Market position

The company positions itself as a domestic specialist in customer-tailored precursors and small-particle precursor production, alongside an established catalyst business described internally as a cash-cow supported by Korean fine-dust policy budgets. Brokerage coverage has framed it as a beneficiary of government fine-dust and Green New Deal spending and of EU raw-materials rules, and compared it with Korean peers in the emissions and battery materials space.

Emphasis on in-house-developed precursor materials allowing composition-specific customization, specialization in small-particle precursors with controlled shape and properties, high yield from a proprietary batch-reaction process, and domestically developed SCR catalyst chemistry usable across ceramic and metal substrates.

Technology

Core competencies are in basic nanochemistry and catalyst formulation: three-way catalyst technology tailored to exhaust composition, independently developed V-W/TiO2 SCR catalysts with low-temperature activity and a wide operating window, and coating technology for ceramic and metallic substrates. In precursors, the company uses a batch reaction process with proprietary equipment to produce uniform particle-size-distribution NCM precursors, with a focus on small-particle products and high production yield. Patent activity disclosed includes a Couette-Taylor reactor continuous process for NCM composite precursors (overseas filing, 2014), heterogeneous element coating of NCM precursors (2018), manufacture of NCM precursors using recycled seed (2020), and a washing apparatus/method for NCM composite precursors (2020).

Go-to-market

Sales are made to OEM customers (reported at one point as roughly 100 models across 9 companies, with about 100 projects across 16 countries), to government-driven emission-reduction and old construction-equipment engine replacement programs, through after-market/B2C retrofit catalyst replacement, and via long-term supply agreements with battery-materials customers. The company also maintains a customer-inquiry hotline for soot reduction devices and exhibits at industry events such as InterBattery.

Automotive and machinery OEMs (passenger vehicles, agricultural and construction machinery, ships), industrial plant and power generation operators requiring NOx/particulate abatement, public-sector emission-reduction programs, and lithium-ion battery cathode material and cell manufacturers.

Geography

Headquarters and plant in Cheongju, North Chungcheong Province (Jikji-daero 409beon-gil 37, Songjeong-dong, Heungdeok-gu); Seoul office in Gasan, Geumcheon-gu; Saemangeum campus in Osikdo-dong, Gunsan, North Jeolla Province. Earlier plants were located in Gajwa-dong and Seoknam-dong, Incheon, before the 2010 relocation of headquarters and production to Cheongju; a Beijing, China representative office was opened in 2007. Export-related activity has been described across roughly 16 countries.

History

Work on DPF/DOC soot reduction devices dates to 1996. The corporation was founded in September 2004 as EnD Solution, obtaining venture certification in 2005, completing an Incheon plant in 2005 and a second Incheon plant in 2006, and receiving a corporate research institute designation in 2005. It obtained Korean Ministry of Environment certification for a partial DPF in 2007, Inno-Biz certification in 2007, and ISO/TS 16949 in 2009. Headquarters and production moved to Cheongju in 2010. The company listed on the KONEX market in July 2013 as its first listing, obtained US EPA Tier 4 engine certifications in 2013 and 2019, and transferred to the KOSDAQ market on 30 July 2020 at an IPO price of KRW 14,400. The precursor business, started in 2008, scaled with a Cheongju plant completed in July 2022 (5,000 t/y) and the Saemangeum CAMP2 plant completed in March 2025.

Risks & controversies

The company reported a net loss of KRW 8.53bn in 2025 and a KRW 10.42bn net loss in 2023, and analyst commentary places the break-even utilization rate for the new Saemangeum plant at about 70%, making results dependent on ramp-up of capacity utilization. Earnings are also exposed to Korean government fine-dust budget cycles for the catalyst-system business and to customer contract timing in precursors. The company issued a June 2026 notice addressing share price volatility attributed to temporary supply-demand factors, and its capital raising has included a rights offering (ex-rights in June 2024) and a KRW 30bn private convertible bond issue.