Woowon Technology Co., Ltd. is a secondary battery notching/Z-stacking lamination technology specialist founded in 2013, currently preparing for a KOSDAQ listing.
1. Company Overview
- Company name: Woowon Technology Co., Ltd.
- Founded: 2013
- Business area: cutting (notching) and lamination (stacking) equipment for secondary battery assembly processes
- IPO: preparing for KOSDAQ preliminary listing review (as reported in 2023)
2. History and Personnel
Founded in 2013, the company has focused on producing notching and stacking equipment used in secondary battery assembly processes. Its core technology is ‘Z-stacking,’ and it drew attention as a pre-IPO company at the 2023 Korea Investment Week (KIW) event.
As of 2023, the CEO stated the company plans to develop an integrated unit that performs notching and stacking simultaneously. Detailed personnel composition is (undisclosed).
According to TheGuru, Woowon Technology has signed a site-use agreement in Radcliff, Hardin County, Kentucky, and is pursuing construction of a local plant there (source: TheGuru). This was introduced as the first investment in the area since the establishment of BlueOval SK, the SK On-Ford joint venture, and reflects an effort to build a local production base for supplying battery manufacturing equipment ahead of the operation of BlueOval SK’s first Kentucky plant (same source).
3. Core Technology and Key Equipment
Z-stacking technology is the core, and the company states it has developed and manufactured equipment with world-class production speed and stability.
- Z-stacking equipment — core technology
- Notching (cutting) equipment
- Integrated notching+stacking equipment (development planned)
According to Electronic Times (Aug 28, 2024), Woowon Technology’s latest Z-stacking equipment achieved a stacking speed of 0.3 seconds per electrode sheet. This is roughly twice as fast as the fastest commercially available stacking equipment at the time (0.5 seconds per sheet) (source: Electronic Times). The Z-stacking method, which folds the separator in a zigzag without cutting it to alternately stack cathode and anode sheets, has the structural advantage of blocking direct cathode-anode contact and lowering fire risk (same source). The company stated it is pursuing further speed reductions below 0.3 seconds (same source).
A stacking speed of 0.3 seconds per sheet means a proportionally higher frequency of reciprocating acceleration/deceleration at the stage, in which case the fatigue life of the servo motor and ball screw and the vibration-suppression design become key variables governing equipment reliability (estimated). However, the servo-axis specifications and vibration-suppression method have not been disclosed in Woowon Technology’s public materials (undisclosed).
4. Production Infrastructure and Quality Assurance
Production capacity, factory floor area, and similar details are (undisclosed).
5. Delivery Track Record and Partnerships
The company describes itself as emerging as a leader in the secondary battery automation equipment market, though individual customer names are (undisclosed).
According to Electronic Times, Woowon Technology has a track record of supplying more than 1,400 units of equipment cumulatively to SK On (source: Electronic Times). According to TheGuru, for the US market the company is pursuing supply of battery manufacturing equipment to BlueOval SK (the SK On-Ford joint venture), building a local production base ahead of the operation of BlueOval SK’s first Kentucky plant, reported at the time as planned for the end of the following year (source: TheGuru).
According to TheElec, Woowon Technology exclusively supplies stacking equipment to SK On’s pouch-type battery lines, and has supplied equipment to Samsung SDI’s Ulsan ESS LFP line as part of Samsung SDI’s Value Re-engineering (‘V-Project’) (source: TheElec). LG Energy Solution, which currently uses the lamination method, has reportedly shown interest in Woowon Technology’s technology and is reviewing potential cooperation (same source).
6. Financial Status and Roadmap
As an unlisted company, it is preparing for a KOSDAQ listing (as reported in 2023). Financial figures such as revenue are (undisclosed).
According to Electronic Times, Woowon Technology has set targets of KRW 500 billion in revenue for 2025 and KRW 1 trillion for 2027 (source: Electronic Times; company-stated targets, not confirmed results).
The company has indicated a direction of growing into a leader in the global secondary battery automation equipment market through the development of an integrated unit that performs notching and stacking simultaneously.
This profile was compiled from publicly available sources including Korea Economic Daily, Daum News (2023 KIW event coverage), and JobKorea company information; unverified figures and non-public information have not been arbitrarily included.