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Hana Technology (KOSDAQ: 299030): Solid-State Battery Press & Assembly Equipment
The assembly-equipment maker whose high-pressure press is the machine that actually bonds a solid electrolyte to its electrodes.
Who they are
Hana Technology is a Korean secondary-battery automation equipment maker led by CEO Oh Taebong, best known for assembly, formation, and pack-process machinery sold to domestic and international cell makers. It's built out a full portfolio spanning electrolyte injectors, tab welders, can inspection systems, and notching machines — the unglamorous but essential hardware that turns battery materials into finished cells.
What they do
Hana Technology's most relevant product for this chain is its Warm Isostatic Press (WIP), marketed as "HNP System for Solid State Battery" — equipment that applies simultaneous high heat and high pressure to bond solid electrolyte and electrode materials together, a step considered essential to solid-state cell assembly. In early 2025, the company secured a formal purchase order for WIP equipment from a domestic battery manufacturer for pilot-line delivery, and has separately co-developed a high-speed electrolyte injector with Samsung SDI. It markets a turnkey solid-state battery production solution, showcased at North America's Battery Show South event.
How they make money
Hana Technology sells automation equipment on a project basis to battery manufacturers, which makes its results highly cyclical with customer capex. After a rough stretch of losses tied to the broader EV demand slowdown, the company turned a corner in 2025: Q3 revenue of ₩52.5 billion (more than double the prior year) and a swing to operating profit, driven by delayed equipment deliveries finally shipping and a growing share of overseas (especially European) large-equipment installations. Nine-month cumulative revenue reached ₩84.0 billion, up 22% year-over-year, with the operating loss narrowed from ₩17.0 billion to just ₩0.3 billion over the same period.
Where it sits in the value chain
Hana Technology sits in Manufacturing Equipment, alongside PhilEnergy and CIS — Korea's cluster of equipment makers racing to build the specialized machinery solid-state cells require, since standard lithium-ion assembly lines can't simply be repurposed for a solid, rather than liquid, electrolyte.
The bigger trend
Hana Technology's 2025 turnaround is a useful case study in how equipment-tier companies in this chain live and die by customer delivery schedules rather than end-market demand alone — the company itself attributed its recovery mostly to previously delayed shipments finally clearing, not to a fundamentally stronger order book. Its WIP order for a domestic battery maker's pilot line is a concrete, near-term signal that Korean cell makers are already buying solid-state-specific assembly equipment, well ahead of the 2027–2030 mass-production targets those same cell makers have publicly set.
What to watch
- Whether Hana Technology converts its 2025 pilot-line WIP order into a larger, named commercial-scale contract as customers move from pilot to production.
- Whether the operating-profit turnaround in Q3 2025 holds through subsequent quarters, or reflects a one-time catch-up in delayed deliveries.
- How much of future growth comes from solid-state-specific equipment versus its broader conventional lithium-ion and battery-recycling equipment lines.
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FAQ
What does Hana Technology's Warm Isostatic Press actually do?
It applies simultaneous high heat and high pressure to bond solid electrolyte layers tightly to electrode materials — a step considered essential for solid-state battery assembly, since a solid electrolyte doesn't naturally conform to electrode surfaces the way a liquid one does.
Is Hana Technology profitable?
It returned to operating profit in Q3 2025 (₩4.3 billion) after a period of significant losses tied to the broader EV demand slowdown. Nine-month cumulative revenue for 2025 reached ₩84.0 billion, up 22% year-over-year, with losses narrowed sharply versus the prior year.
Does Hana Technology only make solid-state battery equipment?
No. Its core business spans conventional lithium-ion battery assembly, formation, and pack-process equipment, plus newer lines in battery recycling equipment. Solid-state-specific equipment like its WIP press is a growing but still smaller part of the overall business.