[Company Visit] Vinatek, a Leader in Environmental and Energy Solutions... Confident in Explosive Growth

Specialized Company in Super Capacitors and Hydrogen Fuel Cells
"Laying the Foundation for Growth This Year... Full-Scale Growth Next Year"

"This year is a year to lay the foundation for growth. Starting from the second half of next year, Vinatek will be able to achieve explosive growth by 2026."

Exterior view of Binatek headquarters located in Jeonju City. Photo by Hyunseok Yoo

Seong Do-gyeong, CEO of Vinatek, whom we met at the Vinatek headquarters located on Unam-ro, Deokjin-gu, Jeonju-si, Jeollabuk-do Special Self-Governing Province, confidently spoke about the company's growth.

Vinatek was established in 1999. After entering KOSDAQ in 2013, it was listed on KONEX and then transferred to KOSDAQ in 2020. It is a company specializing in the production of energy storage devices called 'super capacitors.' A super capacitor is an energy storage device that stores energy and supplies current instantaneously when needed. Along with this, the company is also developing the hydrogen fuel cell sector as a new growth engine.

On the 26th, we visited the Vinatek Wanju Plant located on Cheomdan Sanup 1-ro, Bongdong-eup, Wanju-gun, Jeollabuk-do Special Self-Governing Province. The Vinatek Wanju Plant is planned to have a total of four factory buildings, covering a total area of 17,725 pyeong (approximately 58,600 square meters).

The first factory building is dedicated to hydrogen fuel cells. It produces membrane electrode assemblies (MEA), which are considered the core of hydrogen cells, as well as catalysts and supports. Right next to it, the second factory building is scheduled to produce pouch-type medium and large super capacitors and is expected to be completed within the first half of this year. Construction of the third factory, which will manufacture super capacitor modules, will begin within this year, and the fourth factory, which will house the hydrogen fuel cell line, is planned to be built before 2026.

View of Binatek Wanju Plant Building 1 located in Wanju-gun, Jeonbuk Special Self-Governing Province. Photo by Hyunseok Yoo

We entered the first factory building, which produces hydrogen fuel cell products. There are two entrances here. The left side produces MEA, and the right side produces supports and catalysts. Access to the support production area was not allowed. It was explained that only a very limited number of designated personnel within the company can enter.

Currently, the first factory can produce a total of 1.3 million MEA sheets per month?300,000 semi-automatically and 1 million automatically. The company plans to expand facilities according to demand from the downstream industry. Some production lines have partitions installed because they contain core processes and equipment that cannot be exposed.

Jung Han-gi, head of Vinatek’s hydrogen fuel cell business division, was confident about the growth of hydrogen fuel cells. He said, "We expect to sell 50,000 units this year and 250,000 units next year," adding, "There is definite demand for MEA, so there is no concern."

This view differed from recent concerns about the slowdown in the electric vehicle market. He explained, "Electric vehicles are suitable for short distances, and hydrogen vehicles are suitable for long distances. For commercial vehicles, the routes are relatively fixed, so the burden of charging stations is low, and demand in Europe is certain." He added, "Our products have high performance and are very attractive in terms of price, so they are absorbing demand like a black hole."

Part of the MEA production line inside Building 1 of Vinatek Wanju Plant. MEA is being produced automatically. Photo by Hyunseok Yoo

After visiting the Wanju Plant, we returned to the headquarters and met CEO Seong Do-gyeong. Regarding last year's performance, CEO Seong explained that the company was not properly prepared. Last year, Vinatek recorded sales of 55 billion KRW and operating profit of 3.3 billion KRW, down 22.21% and 65.14% respectively from the previous year. This was due to a decrease in orders for remote controls and increased research and development (R&D) expenses. CEO Seong said, "We should have prepared in other areas to cope with the decline in demand, but we did not. As the company’s CEO, I felt somewhat disappointed."

However, he expected this year to be different. Internally, the company expects to surpass the 70 billion KRW sales recorded in 2022. First, existing super capacitor volumes are recovering, and new sales are expected from medium and large sizes. He explained, "Many new customers are coming in for existing small and medium sizes." He also showed particular optimism about pouch-type super capacitors. CEO Seong predicted, "Sample volumes for pouch-type and medium-large super capacitors are continuing, and meaningful sales will occur this year."

Recognizing the high utility of super capacitors, he expected demand to increase further. He explained, "Simply using batteries alone has unstable aspects, but using super capacitors together reduces fire risk and extends lifespan, which customers are now recognizing. As the applications increase, demand will continue to grow."

Entering the interior of Vinatek Wanju Plant 1, you can see the products produced by Vinatek. On the left are supercapacitors, and on the right are MEAs and supports. Photo by Yoo Hyun-seok

He expected the hydrogen fuel cell sector to grow rapidly. Vinatek anticipates reaching the break-even point (BEP) for hydrogen fuel cells this year. Production volume is expected to double compared to last year. He emphasized, "Meaningful sales will occur in the hydrogen fuel cell sector this year, and explosive growth will begin from the second half of next year."

Vinatek is currently negotiating MEA supply contracts with global companies. The final decision and supply volume are expected to be confirmed by the second half of next year. He said, "If the contract is finalized next year, MEA production volume will significantly increase from 2027. Sample volumes are steadily increasing now, and once confirmed, sales will explode."