[BizLeader] Nflow "Collaborating with Multiple Top Domestic Battery Companies on All-Solid-State... Korea Development Bank and Atinum Also Betting"

Application of Patented Spray Pyrolysis Technology
Development of Sulfide-Based Solid Electrolyte Powders

Ryu Kwanghyun, CEO of Nflow.

"The solid electrolyte developed by Nflow is completely different from the methods used by competitors and is highly competitive. Based on this technology, we are actively collaborating with major global secondary battery companies."

Ryu Kwang-hyun, CEO of Nflow, stated this regarding the business vision in an interview with .

Nflow is a company established in 2021 by experts in the ceramic powder field. Key personnel include CEO Ryu Kwang-hyun, a Ph.D. graduate from Yonsei University's Department of Chemistry, as well as Dr. Kim Hong-seok from Yonsei University's Department of Chemistry and Dr. Kim Jin-dong from KAIST's Department of Chemistry. Dr. Kim Jin-dong is the founder of Lake Materials.

Since 2018, they have been planning and reviewing the commercialization of sulfide solid electrolyte powders, adopting the spray pyrolysis method patented by the Korea Ceramic Technology Institute, and started the production business of compound solid electrolytes. Their main business area is the manufacturing of sulfide-based solid electrolytes. They also maintain a technical partnership with Lake Materials.

They have attracted investment from well-known venture capitalists (VCs). In 2023, during Series A, LB Investment, Smilegate Investment, BA Partners, Aju IB Investment, and Lake Materials participated, and in 2024, during Series B, they received 20 billion KRW in investment from Atinum Investment, KB Investment, Korea Development Bank, and LB Investment.

CEO Ryu said, "Competitors all use traditional ceramic synthesis methods such as dry and wet processes, but Nflow is the only company worldwide applying the 'spray pyrolysis method' to the manufacturing of sulfide-based solid electrolytes," adding, "Spray pyrolysis is the process that can produce fine sulfide electrolyte materials most easily and economically."

He continued, "Spray pyrolysis is the only method that can produce spherical powders," and added, "Spherical powders are the ultimately required shape of materials in this field."

All-solid-state batteries are lithium secondary batteries in which the electrolyte between the battery's cathode and anode is entirely solid, unlike current lithium-ion secondary batteries that use liquid electrolytes. They have high energy density and low flammability risk, making them the next-generation dream battery.

According to MarketUS, the all-solid-state battery market is expected to grow at an average annual rate of 31.1%, reaching $16.8 billion (approximately 24.1 trillion KRW) by 2033. Among this, solid electrolytes are projected to occupy about 40% of the total market.

Nflow is collaborating with major global secondary battery companies to mass-produce all-solid-state batteries. Recently, Samsung SDI has been leading the industry by operating a pilot-scale S line in earnest since 2023. Samsung SDI plans to commercialize all-solid-state batteries by 2027.

SK On aims to complete its pilot line in the first half of this year. Afterwards, it plans to conduct pilot-scale prototype testing similar to Samsung SDI and aims for commercialization in 2028. Hyundai Motor Company is also progressing toward completing its all-solid-state battery pilot line by March this year.

CEO Ryu stated, "We plan to establish a factory with a monthly production capacity of 5 tons in 2026," adding, "We are targeting Korean battery companies and Hyundai Motor as our main markets, aiming for sales of about 9 billion KRW next year and 30 billion KRW in 2027."