# Who are EcoPro Materials's customers? Who does EcoPro Materials earn revenue from?
Canonical: https://valuechain.wiki/ecopro-materials · Facet: customers · Updated: 2026-10-09T13:13:06.366+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: EcoPro Materials's confirmed revenue counterparties include 에코프로비엠, 삼성SDI. Per the valuechain.wiki graph: 2 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-10-09).

### 에코프로 (high)  → /ecopro.md
- metric: Market share 43% · 2023 공모 후 · EcoPro stake post-IPO
- note: Holding company EcoPro Co. is the largest shareholder with 43.0% after the IPO. The company originated as a joint venture between EcoPro and China's precursor maker GEM.
- [confirms] Eugene Investment & Securities (KO, research, published 2023-10-30) https://www.eugenefn.com/common/files/amail/20231030_B_js_heo_1.pdf: "After the offering the main shareholders are EcoPro (largest) at 43.0%, existing holders 32.8%, employee stock ownership 4.1%, and public offering 16.3%."

### 에코프로비엠 (high)  → /ecopro-bm.md
- note: Most revenue is high-nickel precursor sold to affiliate EcoPro BM. EcoPro BM's 2025 cathode capacity is 400kt with precursor about 90% by weight and a 30% internalization target, sourcing the remainder from EcoPro Materials.
- [mentions] NH Investment & Securities (KO, research, published 2025-12-17) https://v.daum.net/v/20251217074805739: "NH Investment: FY2026 turnaround — precursor volume +67% (31kt), new customers ~50% of sales; Indonesia nickel refining (GEN) 2026 revenue ₩372.8bn, OP ₩93.2bn (25% margin). Q4 2025 revenue ₩120.9bn (+37%)."
- [confirms] KRX KIND (KO, filing, published 2025-03-14) https://kind.krx.co.kr/common/disclsviewer.do?method=search&acptno=20250314001345&docno=&viewerhost=: "The annual report lists the group cathode maker (EcoPro BM) as the primary precursor customer."
- [confirms] Eugene Investment & Securities (KO, research, published 2023-10-30) https://www.eugenefn.com/common/files/amail/20231030_B_js_heo_1.pdf: "Even serving only EcoPro BM, which accounts for most of revenue, EcoPro Materials can sell its entire output; EcoPro BM's precursor internalization target is 30%."
- [confirms] KED Global (EN, news, published 2023-09-26) https://www.kedglobal.com/batteries/newsView/ked202309260006: "EcoPro BM relies heavily on its affiliate EcoPro Materials for precursors; EcoPro Materials produces 50,000 tons of precursor a year and plans to raise it to 210,000 tons by 2027."

### 삼성SDI (mid)  → /samsung-sdi.md
- note: Beyond the group, EcoPro Materials supplies high-nickel precursors to external customers including Samsung SDI as it diversifies its customer base.
- [mentions] KED Global (EN, news, published 2023-09-26) https://www.kedglobal.com/batteries/newsView/ked202309260006: "EcoPro Materials supplies high-nickel precursors to Samsung SDI and other battery makers."

Reverse side: https://valuechain.wiki/ecopro-materials/suppliers.md · Ripple: https://valuechain.wiki/ecopro-materials/ripple.md

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Full node: https://valuechain.wiki/ecopro-materials.md · JSON: https://valuechain.wiki/ecopro-materials.json