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NanoTeam Deep Dive: EV Safety Materials and Aerospace Thermal Management

From gap fillers and pads to thermal-runaway protection and aerospace thermal materials

Written: 2025-12-19 · Thermal materials and EV safety analysis · Naver Blog

Investment decisions are your own responsibility. This material is research and is not a recommendation to buy or sell.

0. Bottom line first

NanoTeam's thesis is that it is moving from basic heat-dissipation materials into EV fire-propagation prevention. The source frames 2025 as the first year of the new plant and thermal-runaway pad supply, and 2026 as the year of a potential earnings jump. EV chasm risk, Hyundai Motor Group concentration, and CB overhang remain key risks.

Cash cow

Gap filler and gap pad

The company built references by supplying E-GMP-based Hyundai/Kia EV models.

Safety

Thermal-runaway pad

The source emphasizes more than 15 minutes of flame blocking, and over 30 minutes for next-generation products.

Capacity

Ulsan new plant

Targeted for 2025 operation with annual capacity of 2,000 tons of thermal-runaway protection pads.

1. Industry inflection: from heat to safety

Source image about NanoTeam industry inflection and company overview

Official fact: NanoTeam was founded in 2016, localized thermal interface materials, and supplied gap fillers and gap pads to Hyundai Motor Group E-GMP EVs according to the source.

Interpretation: The EV chasm is a near-term demand burden, but fire safety regulation and consumer anxiety raise the strategic value of safety materials. NanoTeam may be valued less like a component supplier and more like a safety-solutions company.

Thermal material evolutionFrom efficiency to safety
Gap fillerLiquid, automated process
Gap padSolid sheet, electronics
Runaway padDelays flame propagation
AerospaceSpecial thermal materials
Applications expand from battery efficiency to safety and advanced industries.

2. Product portfolio

Official fact: The source states that air has very low thermal conductivity, about 0.025 W/mK, so unfilled air gaps can create thermal bottlenecks.

CategoryGap fillerGap pad
FormLiquid before curing, solid after curingSolid sheet
AdvantagesAutomation, complex shapes, thin applicationEasy handling, reworkable, stable insulation thickness
ApplicationsBattery modules/packs, large-area heat dissipationInverters, converters, electronics
NanoTeam statusSupplies main Hyundai/Kia modelsExpanding around electronics components
Source image about NanoTeam thermal-runaway protection pad and growth drivers

3. Thermal-runaway pads and regulation

Official fact: The source says competing mica or aerogel products withstand flame for about five minutes, while NanoTeam's new material blocks flame for more than 15 minutes and next-generation products for more than 30 minutes. It also cites China's GB38031-2025 safety regulation as taking effect in July 2026.

Interpretation: This is a higher-value safety component, so the valuation logic can differ from legacy gap fillers. Adoption in Hyundai's next-generation platform and higher-value models such as GV90 is crucial.

4. Earnings and capacity

Source image about NanoTeam capacity and raw-material risks

Official fact: The source forecasts 2026 revenue of KRW 66.5 billion, about 66% growth from 2025, and operating profit of KRW 6.5 billion, up 274% YoY. It also states Q3 revenue was KRW 10.3 billion, up 52% YoY.

Official fact: The Ulsan plant is targeted for 2025 operation and annual capacity of 2,000 tons of thermal-runaway pads. Silicone prices as of December 2025 are cited as rising 4.8% in North America and 5.3% in Northeast Asia.

Interpretation: If demand materializes, the Ulsan plant becomes operating leverage. If utilization stays low or raw-material pass-through lags, margin recovery can slow.

5. Competition and risks

Source image from NanoTeam reference section

Official fact: The source lists Dow, Shin-Etsu, Henkel, and 3M as major global competitors, and says Asia Pacific represented more than 39% of the thermal materials market in 2024.

  • A delayed EV demand recovery can postpone earnings improvement.
  • Convertible bonds can dilute shareholders if converted.
  • High dependence on Hyundai Motor Group creates customer-concentration risk.
  • Expansion into Stellantis, GM, and other customers is a key test.

6. Checkpoints

I read NanoTeam as a specialized materials company with two growth wings: EV fire safety and aerospace thermal management. The items to track are GV90 and next-generation platform adoption, global spread of GB38031-2025-like rules, real sales from the SpaceX sample-supply history, and Ulsan plant utilization.

Sources

Naver original