Shinheung SEC Sees North America Sales Above 100B Won in 2027 on ESS Demand
TheElec reports the Korean battery cap assembly maker expects its North American unit to pass 100 billion won in 2027, up from 25.4 billion won in 2025, as ESS shipments grow.
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Shinheung SEC expects its North American unit to pass 100 billion won in 2027, TheElec reported.
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Shinheung SEC expects revenue at its North American subsidiary to exceed 100 billion won in 2027 for the first time, up from 25.4 billion won in 2025, TheElec reported on Oct. 27. The Korean maker of battery cap assemblies is riding Samsung SDI's expansion in the North American energy storage system (ESS) market, according to TheElec.
The company expects its North American unit to pass 100 billion won in 2027, up from 25.4 billion won in 2025 (2026 and 2027 are expectations).
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A company official told TheElec that 2026 revenue at the unit should exceed 70 billion won. The subsidiary already booked 32 billion won in the first half of 2026, more than its full-year 2025 revenue, because the Ulsan and US plants ran only in the first half of 2025.
What the plant makes
Cap assemblies are the lids of medium and large prismatic cells. They carry current out of the cell and vent gas when internal pressure rises. Shinheung SEC's Ulsan plant, completed in August 2024 after an 80 billion won investment, exports all output to the United States, where about 20% of each part is finished at the company's US plant. The two sites run one-to-one with customers' US battery lines, TheElec said.
The Ulsan plant had a rough start. Production for electric vehicle cells began in January 2025 and stopped about four months later as demand fell. It restarted in January 2026, first on parts for nickel-cobalt-aluminum (NCA) ESS cells and then increasingly for lithium iron phosphate (LFP) ESS cells.
Why it matters for storage supply
The shift from EV to ESS parts mirrors what is happening at cell level. Voltgrid News reported that Samsung SDI's third US LFP line is being converted from NCA for energy storage, and that Samsung SDI signed a 1 GWh ESS supply deal with Alpha Omega Power. Component makers sit one tier below those cell lines, so their order books show how fast US storage cell output is expected to grow.
Capacity and earnings
Two lines are running now, each with monthly capacity of 1 million to 1.3 million units, or 24 million to more than 30 million a year combined. The company has space for four more lines beyond its four existing ones and may go to eight depending on orders. TheElec's own estimate is that the two running lines can bring 50-70 billion won a year, and eight lines 200-280 billion won. A company official put the Ulsan defect rate at about 0.3%.
Consolidated revenue for the first half of 2026 rose 23.8% from a year earlier to 255.2 billion won. Operating profit was 6.8 billion won, against a loss of 2.2 billion won in the first half of 2025. Cap assemblies for medium and large prismatic cells brought in 176.8 billion won, or 69.3% of revenue.
What is not confirmed yet
The 2026 and 2027 revenue figures are company expectations, not reported results. The TheElec report does not name Shinheung SEC's customers in the body, so the tie to Samsung SDI is the outlet's framing rather than a disclosed supply contract.
