[Edaily Reporter Shin Ha-yeon ] On the 3rd, Value Finder, an independent research firm, analyzed that SM BEXEL CO.,LTD.(010580)is expanding its battery business scope from the supply of specialized batteries for the “Cheonmu” multiple rocket launcher to military drones and low-orbit satellites. The firm noted that the company is also collaborating with global automakers on next-generation battery material development projects, thereby broadening its foundation for mid- to long-term growth. No investment opinion or target stock price was provided.

Ji-hoo, a senior researcher at Valuefinder, stated in a report released that day, “Since completing the first delivery of lithium ampoule batteries for the Cheonmu (K239) multiple rocket launcher last February, the company has been expanding its applications to the military drone sector,” adding, “It is expected to begin a full-scale entry into the drone battery market.”

SM BEXEL CO.,LTD., established in 1961 and listed on the KOSPI in 1994, is an automotive parts and battery manufacturer. Its automotive division supplies engine and powertrain components primarily to affiliates of the HyundaiMotor Group, while its battery division produces specialty batteries for military and industrial applications. As of the first half of this year, the automotive division accounted for 57% of revenue, and the battery division for 43%.

Recently, the company has been pursuing entry into the drone battery market based on its expertise in specialized defense batteries. Last August, it signed a Memorandum of Understanding (MOU) with Vololand, a total drone solutions provider, and plans to supply approximately 200 smart drone battery packs for pest control by the second quarter of 2027.

Researcher Ji explained, “Through the MOU signed last August with Vololand, a total drone solutions provider, we plan to supply approximately 200 smart drone battery packs for pest control by the second quarter of 2027,” adding, “We expect to begin our full-scale entry into the drone battery market.”

The next-generation battery development projects underway with global automakers are also worth noting. SM BEXEL CO.,LTD. is currently working on a project with a U.S.-based global automaker to develop cylindrical rechargeable batteries using lithium-manganese-rich (LMR) cathode materials.

It is understood that the company is handling the entire process—from electrode design to cell manufacturing—using its in-house pre-production cylindrical battery production line. It is also working on a project with a global automaker based in Europe to establish a screening system for new cathode and anode materials.

Researcher Ji stated, “We are securing the technological capabilities to manufacture and evaluate new battery materials required by global automakers at the semi-production stage,” adding, “We expect our business in developing customized batteries for clients to expand gradually.”

The company is also pursuing business expansion into the aerospace sector. SM BEXEL CO.,LTD. is participating in a project to develop 2,900 Wh-class lithium-ion cells and battery packs for low-Earth orbit satellites, funded by the Ministry of Science and ICT, the Ministry of Trade, Industry and Energy, and the Defense Acquisition Program Administration, and led by the Institute for Civil-Military Cooperation.

As a joint research partner with Professor Lee Yoon-seok’s research team at Seoul National University, ENCell Co., Ltd. is verifying the safety and reliability of batteries required for space environments. The currently developed cells are in the verification phase to pass space environment testing, while the battery packs aim to achieve long-term durability verification and a capacity of 2,900 Wh or more.

Researcher Ji stated, “The developed cells are in the verification phase to pass space environment testing, and we plan to verify the long-term durability of the battery packs and achieve a capacity of 2,900 Wh or more,” adding, “If this project proceeds as planned, we believe it will have a positive impact on securing relevant references.”

Meanwhile, SM BEXEL CO.,LTD.’s consolidated revenue last year was 150.3 billion won, and operating profit was 1.6 billion won, representing year-over-year decreases of 12.9% and 69.8%, respectively. In the first half of this year, the company recorded revenue of 72.8 billion won and operating profit of 1.3 billion won. The operating profit margin rose from 1.0% last year to 1.7% in the first half of this year.