← All-Solid-State Battery Value Chain
ULVAC (TSE: 6728): Lithium Metal Deposition Equipment for Solid-State Batteries
A vacuum-technology giant that started developing thin-film solid-state batteries in 2005 — a decade before most of the industry took the idea seriously.
Who they are
ULVAC is a Japanese vacuum-technology conglomerate founded in 1952, best known for sputtering and deposition equipment used across semiconductors, flat-panel displays, and solar cells. Battery equipment is a smaller, specialized slice of a much larger industrial-equipment business — but ULVAC's timing on solid-state batteries specifically is notable: it began developing thin-film solid-state battery technology in 2005 and had a metal-lithium thin-film production device built roughly a decade later, well before most cell makers had serious commercialization plans.
What they do
ULVAC's relevant product is a Roll-to-Roll lithium vapor deposition system ("EWK-030"), unveiled at Battery Japan in February 2025 and developed under a Japanese government Green Innovation Fund project on lithium-metal anode production technology. The system deposits a thin lithium film onto metal foil in a vacuum environment, applying packaging- and capacitor-industry thin-film deposition know-how to batteries — producing a cleaner film surface with fewer impurities and less oxidation than the conventional atmospheric roll-press method used to make lithium foil today, while using lithium material more efficiently.
How they make money
The overwhelming majority of ULVAC's roughly $1.6 billion in trailing revenue comes from its core Vacuum Equipment segment — sputtering and deposition tools sold into semiconductor, display, and solar manufacturing, industries far larger today than the solid-state battery market. Battery-specific equipment, including the lithium deposition system, is currently more of a specialty and R&D-stage product line than a meaningful standalone revenue contributor; ULVAC has said it's focused on marketing activities to gather customer needs and requirements as the technology matures.
Where it sits in the value chain
ULVAC sits in Manufacturing Equipment, occupying a distinct niche from Korea's stacking- and pressing-equipment makers (PhilEnergy, Hana Technology, CIS): its deposition technology targets thin-film battery structures and lithium-metal anode production specifically, an approach more associated with early-stage research and specialty applications than the sulfide-route mass-manufacturing lines Samsung SDI and Toyota are building toward.
The bigger trend
ULVAC's own account of its battery-equipment history is refreshingly candid about bad timing: the company built metal-lithium thin-film production equipment roughly ten years ago, but "development was too early" and battery makers' own development hadn't caught up yet. Only in the past few years, as solid-state and lithium-sulfur battery interest accelerated industry-wide, has ULVAC ramped up marketing and R&D-focused equipment sales again — with next-gen battery commercialization still generally expected in the late 2020s to 2030s. It's a pattern worth remembering across this entire chain: being technically first doesn't guarantee being commercially relevant on the first attempt.
What to watch
- Whether demand for ULVAC's lithium thin-film deposition equipment actually accelerates as more cell makers move from lab-scale R&D toward pilot production, as ULVAC itself has forecast around 2026 onward.
- Whether ULVAC lands a named commercial customer for the EWK-030 system, beyond the R&D and demonstration use cases disclosed so far.
- Whether ULVAC's thin-film/lithium-metal approach gains traction for smartphone, wearable, and drone applications — markets the company has specifically flagged as nearer-term than large-format EV batteries.
Related companies
FAQ
What does ULVAC's lithium deposition equipment do?
It deposits a thin film of lithium metal onto foil in a vacuum environment, using thin-film deposition techniques ULVAC originally developed for packaging and capacitor manufacturing. This vacuum method produces a cleaner, more uniform lithium film than the conventional atmospheric roll-press method, which matters for lithium-metal anodes used in next-generation and solid-state batteries.
Is ULVAC mainly a battery company?
No. ULVAC's core business is vacuum equipment for semiconductor, flat-panel display, and solar manufacturing, which generates the large majority of its roughly $1.6 billion in trailing revenue. Battery-related equipment, including its lithium deposition systems, is a smaller specialty segment.
How long has ULVAC been working on solid-state battery technology?
Since 2005, when it began developing thin-film solid-state battery technology, and it had metal-lithium thin-film production equipment built roughly a decade later. By the company's own account, that early equipment arrived before battery makers' development had caught up — demand has only picked up more recently as industry-wide interest in solid-state and next-generation batteries accelerated.