In line with the spread of electric vehicle
Established factories in Hungary and Tennessee, USA
Mass production of key additives for electrolyteself-design
Supplying customized electrolytes according
Dongwha Electrolyte advances into Europe and the United States and leaps forward as a global electrolyte company. It has established a strategy to supply customized electrolytes to customersusing the technology it has accumulated over a long period of time.
Dongwha Electrolyte recorded 36 billion won in sales in the first quarter. This is an increase of about 150% compared to the same period last year. Despite the sharp rise in raw material prices, the company managed to expand its customer base and grow its earnings.
Si-joonLee, CEO of Dongwha Electrolyte, predicted, “The electrolyte business will be on track after next year when battery manufacturers' overseas expansion is completed.”
In line with the spread of electric vehicle, Dongwha Electrolyte has set up production bases in Hungary and Tennessee, USA. Both factories are adjacent to three domestic battery manufacturers and secondary battery manufacturing plants. It is able to rapidly supply electrolytes with a relatively short shelf life.
The Hungarian plant,which has an annual capacity of 20,000 tons, has been operating since last April. The Tennessee plant will start construction in the second half of this year and begin production in the first half of 2024. By 2025, Dongwha Electrolyte's electrolyte production scale will be 110,000 tons per year. This is twice the current production.
CEO Lee said, “We are also considering further capacity expansion in line with the spread of the electric vehicle market in the US and Europe.”
CEO Lee has chosen the ability to self-design electrolytes as a strategy to target the global electrolyte market. The aim is to providespecialized electrolyte solutions for different cell manufacturing methods foreach battery manufacturer. In the past, electrolytes were often supplied according to orders from battery manufacturers. CEO Lee explained, “Dongwha Electrolyte is capableofproducing optimal electrolyte solutions for customers.”
Years of experience in electrolyte production is Dongwha Electrolyte's competitive edge. Half of the R&D personnel have more than 10 years of experience in electrolyte research. Recently, it succeeded in mass producing key electrolyte additives. Dongwha Electrolyte is preparing for OEM commercialization by continuously securing intellectual property rights (IP) for electrolyte additives.
It is also in the midst of strengthening the capabilities of 'all-solid-state batteries', which are considered next-generation batteries. Since 2017, it has been conducting research on solid electrolytes. Every year,it is advancing its solid electrolyte technology in line with its roadmap.
In the second half of the year, the CentralResearch Institute, where research personnel from DongwhaGroup, including Dongwha Electrolyte, are gathered in one place, will be completed in Incheon. This is expected to foster synergy between DongwhaGroup's R&D capabilities for electrolytes, materials, and chemicals.
CEO Lee said, “In the rapidly growing electric vehicle market,technology is competitiveness," adding, “So, we will rise as a global electrolyte company by continuously advancing our technology."
By Staff Reporter Yoon-seob Song sys@etnews.com