韩国无负极锂金属电池初创BEI因无人机与国防需求激增，计划明年把年产能从24.3MWh扩至200MWh（约8倍），并拟2028年IPO

Lithium-metal battery startup BEI plans to expand production capacity eightfold. Amid surging demand from drone and defense customers, the company will increase annual capacity from 24.3 megawatt-hours (MWh) to 200 MWh next year.
BEI’s anode-free lithium-metal batteries reduce the high costs and complex manufacturing processes associated with conventional products. The company is targeting high-performance battery markets including drones, defense and robotics. In-Q-Tel (IQT), the strategic venture investment organization established by the US Central Intelligence Agency (CIA), has also invested in BEI, citing its technology and potential in the defense market.
BEI has adopted a strategy of expanding production based on secured orders. It adds essential equipment immediately after receiving customer orders, a targeted expansion approach that reduces the burden of building a gigawatt-hour (GWh)-scale factory costing tens of billions of won in advance.
The company is expanding annual capacity at its first Ansan plant from 80,000 cells, or 5.3 MWh, to 374,000 cells, or 24.3 MWh. It has added stacking equipment that assembles cells by stacking electrodes, as well as charge-discharge equipment for post-processing. By 2027, BEI plans to install additional equipment to raise capacity at the first plant to 1.872 million cells, or 121.6 MWh, and build a second plant. Once the second plant begins operations, total annual capacity will reach 3 million cells, or 200 MWh, about eight times the current level.
The expansion is being driven by a surge in customer demand. Revenue, which was around 300 million won last year, exceeded 900 million won on a sales and orders basis through July this year. The number of paying customers has risen to 59, including 20 that have placed repeat orders. Letters of intent (LOIs) signed with six customers cover 7.64 million cells. Even with annual capacity expanded to 3 million cells after the second plant is completed, that represents more than two years of production.
BEI is initially expanding into drones and unmanned defense systems. Such products need to store more energy at the same weight while delivering high power instantaneously. They must also maintain performance in extreme cold.
A key feature of BEI’s batteries is that they use no graphite, silicon or lithium-metal foil in the anode. Anode-free lithium-metal batteries are manufactured with only a copper current collector on the anode side. During charging, lithium from the cathode accumulates as metal on the copper surface, forming the anode.
Eliminating anode materials allows a higher proportion of cathode material at the same weight and volume, helping increase energy density. It also eliminates the need for the lithium-metal foil used in conventional lithium-metal batteries. Avoiding expensive lithium foil reduces raw-material costs and eliminates processing steps required to handle lithium foil, which reacts easily with air. The ability to use much of the existing lithium-ion battery manufacturing equipment is another advantage for commercialization.
The key technical challenge is ensuring that lithium deposits evenly during charging. If lithium becomes concentrated in specific areas, needle-shaped dendrites can grow, reducing battery life and safety. BEI uses its proprietary “Dual NASEI” interfacial coating technology to control lithium so that it deposits evenly on the copper current collector. The company also uses proprietary electrolytes and additives.
Performance has also been demonstrated in drone tests. In a room-temperature test conducted by a Korean drone company, a drone equipped with a conventional lithium-ion battery flew for 18 minutes and 50 seconds, compared with 31 minutes and 40 seconds using a BEI battery. In a Ministry of National Defense combat experiment at minus 25 degrees Celsius, a Chinese lithium-ion battery operated for about 12 minutes, while BEI’s battery lasted about 36 minutes. At Griffin Tech Days 2026 in Finland, a drone completed a 30-minute flight at minus 26 degrees Celsius.
BEI has also drawn attention from the US. In-Q-Tel, established by the CIA in 1999, invested in the company. In-Q-Tel is a strategic investment organization that identifies advanced private-sector technologies needed by US intelligence agencies and national security organizations. BEI also sees moves to exclude Chinese-made batteries from the North American and European defense markets as an opportunity for business expansion.
BEI raised 5 billion won in a pre-Series A round in 2021 and 16 billion won in a Series A round in 2023. It has secured about 30 billion won in Series B funding, which will be used to expand mass-production equipment at its first plant and secure a second plant. The company also plans a Series C funding round of about 50 billion won in 2027.
BEI is targeting a public listing in 2028. It selected an IPO underwriter this year and plans to prepare for a technology assessment and preliminary listing review next year.