[Click e-Stock] "Hanjung NCS, North American ESS Plant Expansion Progressing Smoothly"

IBK Investment & Securities analyzed on December 9 that Hanjung NCS is expected to see a significant improvement in its performance starting next year, as its expansion of energy storage system (ESS) plants in North America is progressing smoothly. The firm did not provide an investment opinion or target price.

Hanjung NCS established its U.S. subsidiary in April 2025. The company completed the construction of a mass production line for ESS components by preparing a production base on a 52,800-square-meter site in Indiana. Mass production is scheduled to begin in the second half of next year.

Lee Hyunwook, a researcher at IBK Investment & Securities, stated, "A major client is building an LFP ESS production line with a capacity of 22GWh in North America, which is expected to be operational around October 2026," adding, "Hanjung NCS is expected to supply ESS cooling systems through its North American plant."

He further noted, "We anticipate that a full-fledged improvement in performance will begin in the second half of 2026."

Hanjung NCS operates its business primarily through its ESS division, which manufactures and sells ESS components, and its automotive parts division, which produces and sells electric vehicle (EV) components. The main products by division include water-cooled cooling systems for ESS in the ESS division and HVAC modules for EVs in the automotive parts division.