[Edaily Reporter Kwon Oh Seok ] SM BEXEL CO.,LTD.(010580)has been analyzed as having made a full-scale entry into the defense market following its supply of batteries for the “Cheonmu (K239)” multiple rocket launcher. It is also seen as securing mid- to long-term growth engines by expanding into the military drone business.

In a report released on the 22nd, the independent research firm Value Finder stated, “SM BEXEL CO.,LTD. has taken its first step into the defense market by completing its initial delivery of lithium ampoule batteries worth approximately 18.7 billion won.”
SM BEXEL CO.,LTD. is an automotive parts and battery manufacturer that was listed on the Korea Stock Exchange (KOSPI) in 1994. Its automotive division supplies engine and powertrain components, such as water pumps and oil pumps, to affiliates of the HyundaiMotor Group, while its battery division operates in the primary battery sector—including alkaline and manganese batteries—as well as the specialty battery sector, such as battery packs.
Recently, the company has been working to expand its business in thermal management components for eco-friendly vehicles—such as electric water pumps—and battery packs; increased demand driven by the growing adoption of electric and hybrid vehicles is expected to fuel its growth.
In particular, last February, the company completed its first shipment of lithium ampoule batteries for 230mm-class unguided projectiles used in the “Cheonmu (K239)” system. These batteries are ultra-compact primary cells measuring approximately 5mm in size and serve as a key component that enhances the safety of the weapon system by enabling the self-destruction of unexploded ordnance. It is understood that this supply was ultimately integrated into the Cheonmu system through Korea Defense Industries.
It is also reported that negotiations for a follow-up supply contract are currently underway. Given that the defense industry has high barriers to entry and securing a track record is crucial, analysts suggest that this delivery history could serve as a springboard for securing additional orders and expanding the system’s applications.
SM BEXEL CO.,LTD. is also expanding its business into the military drone sector. The company is participating in the Ministry of Land, Infrastructure and Transport’s drone demonstration project and is currently conducting test flights, while continuing product development and validation with the goal of mass production this coming October. Additionally, it is reported that performance tests targeting the Army Headquarters and the Defense Acquisition Program Administration are being conducted in parallel.
Lee Chung-heon, a researcher at Value Finder, analyzed, “The references secured through the initial delivery of military-grade batteries and the execution of government-funded projects will have a positive impact on future business expansion,” adding, “As the importance of drones and unmanned systems on the battlefield has been growing recently, the specialty battery business is highly likely to establish itself as a mid- to long-term growth driver.”
He continued, “The supply of lithium ampoule batteries for the Cheonmu system marks the first instance in which SM BEXEL CO.,LTD. has officially demonstrated its technological capabilities in the defense sector,” noting, “There is a high likelihood of follow-on orders and expanded applications.” He further added, “It is worth noting that the defense sector is being added as a new growth engine to the company’s existing business structure, which centers on automotive parts and batteries.”