# EcoPro Bets on Ternary Cathodes as Mid-Nickel Counters LFP *The South Korean cathode supplier is committing 765 billion won to Indonesian nickel refining while retooling European lines for higher-energy chemistries.* **Published:** October 23, 2026 **By:** Seung-min Park **Section:** Batteries & Electric Vehicles — South Korea **Format:** Company Watch **Confidence:** high **Source:** https://eastasiabrief.com/batteries-ev/ecopro-bets-ternary-cathodes-mid-nickel-counters-lfp-888 **Publisher:** East Asia Brief (https://eastasiabrief.com/) --- ## What to know - Rights offering funds 765 billion won investment in Indonesian nickel refining - Hungary plant ramps 54,000 tons of European ternary cathode capacity - Rights offering shares list Nov. 5 as mid-nickel conversion accelerates ![A researcher works in an advanced laboratory alongside robotic arms and a humanoid robot on an automated line. (AI-generated image)](https://eastasiabrief.com/media/2026-10-23-b138a2b0046a.webp) *A researcher works in an advanced laboratory alongside robotic arms and a humanoid robot on an automated line. (AI-generated image)* EcoPro founder Lee Dong-chae said Oct. 22 that demand for high-energy ternary cathodes will rebound across electric vehicles, robotics and artificial intelligence. Speaking at the company's 28th anniversary in Pohang, Lee urged staff to cut costs and advance nickel-rich chemistries during the market slump. The parent company aims to counter cheaper Chinese lithium iron phosphate, known as LFP, by reducing upstream procurement expenses and defending energy density. EcoPro BM, the group's cathode manufacturing unit, secured 886.1 billion won ($655 million) in a rights offering closed Oct. 19. Existing shareholders and employee associations bought 103.25% of the shares offered, clearing the way to list the new equity on Nov. 5. The unit will direct 765 billion won ($565 million) from that raise to PT Bahodopi Nickel Smelting Indonesia, or BNSI. That project secures a 39% equity stake and annual rights to 65,000 metric tons of nickel output. The BNSI facility in Central Sulawesi is engineered to produce 90,000 metric tons of nickel intermediate per year. Smelting the metal through its own equity network reduces the 40% cost share that raw minerals represent in finished cathode. EcoPro BM is pairing raw-material integration with a dual-track product portfolio to defend its core nickel-cobalt-manganese and nickel-cobalt-aluminum chemistries. Its premium portfolio focuses on high-nickel cathodes where nickel content exceeds 90% to deliver maximum vehicle range. To address price competition in mass-market vehicles, EcoPro BM is converting domestic production lines to high-voltage mid-nickel formulations. High-voltage mid-nickel lowers cobalt content and raises manganese ratios, reducing cell raw-material expenses while preserving operating voltage. The business is also developing lithium-manganese-rich chemistries and sodium-ion battery active materials for lower-cost transport segments. EcoPro maintains a 3,000-ton pilot line for lithium iron phosphate cathodes dedicated to stationary energy storage systems. The pilot line allows the group to monitor lower-cost chemistries without abandoning its primary ternary processing infrastructure. A second capital allocation directs 121.1 billion won ($89 million) from the October rights offering to Debrecen, Hungary. The Debrecen plant completed construction in late 2025 with an annual nameplate capacity of 54,000 metric tons across three lines. That volume provides enough cathode active material to power approximately 600,000 electric vehicles annually. The Hungarian facility started commercial shipments from its first high-nickel line in June and added a second line in September. EcoPro BM is converting the plant's third line into a flexible line capable of processing both NCA and NCM formulations. The European base positions the supplier to meet the European Union's Critical Raw Materials Act sourcing thresholds. Under that framework, European battery makers must source increasing shares of processed materials from facilities operating inside the trading bloc. South Korean cell producers Samsung SDI and SK On operate battery manufacturing complexes nearby in Hungary, shortening transit timelines. EcoPro has spent approximately 3.3 trillion won ($2.4 billion) since 2017 developing an integrated closed-loop manufacturing cluster in Pohang. That domestic hub connects chemical precursors, pure lithium refining, industrial gas supply and hydrometallurgical battery recycling in a single location. Internalizing those steps shields cathode margins against raw lithium carbonate fluctuations and imported salt tariffs. Company filings do not show any new ternary or mid-nickel long-term off-take agreements signed during the Oct. 22 ceremony. Regulatory disclosures as of Oct. 23 have not confirmed the final mechanical completion date for the Indonesian smelting joint venture. Trading of the newly issued EcoPro BM shares begins on the Kosdaq market on Nov. 5. ## Impact map | Event | Korea | China | Japan | Global impact | | --- | --- | --- | --- | --- | | Ternary cathode counter-offensive | EcoPro BM allocates 765 billion won to nickel smelting and converts lines to high-voltage mid-nickel | LFP cathode suppliers face renewed price competition in European export channels | Cell makers gain alternative non-China precursor and cathode processing sourcing | High-nickel EV cell manufacturing retains supply pipeline compliant with EU critical raw material rules | ## In this story - **Companies:** EcoPro, EcoPro BM - **Tickers:** 086520.KQ, 247540.KQ - **Exposed:** Samsung SDI, SK On, Vale Indonesia - **Policy:** Standards - **Impact:** Capex, Supply Chain, Cost Structure ## Primary sources 1. fss.or.kr 2. biztribune.co.kr 3. edaily.co.kr 4. joongdo.co.kr 5. koreadaily.com --- Cite as: East Asia Brief, "EcoPro Bets on Ternary Cathodes as Mid-Nickel Counters LFP," October 23, 2026. https://eastasiabrief.com/batteries-ev/ecopro-bets-ternary-cathodes-mid-nickel-counters-lfp-888