Blog

DEEP RESEARCH · Lake Materials

Lake Materials: TMA Platform and Solid-State Li2S Investment

A review of Sejong Venture Valley, lithium sulfide, High-K precursors, and catalyst optionality.

Date: 2026-01-19 · advanced-materials and solid-state battery lens · Naver Blog source and references

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

0. Bottom line first

Lake Materials is a platform extending TMA core technology into semiconductor precursors, solar, catalysts, and solid-state battery materials. The December 2025 Sejong Venture Valley correction reads as progress toward a lithium sulfide production base.

Lake Materials facility investment image

1. Sejong Venture Valley investment

Official fact: The investment is KRW 19,479,300,000, about KRW 19.5bn, equal to 22.45% of 2022 year-end consolidated equity of KRW 86.7bn. The end date moved from December 30, 2025 to March 31, 2026 because ownership transfer was delayed by unresolved industrial-complex cost finalization.

Interpretation: I read this as timing slippage in ownership transfer and cash execution, not a broken business plan. The source also notes the company’s view that manufacturing-facility investment had already been completed.

2. From TMA to Li2S

TMA materials platformCore technology expanding into end markets
SemiconductorHigh-K, CVD/ALD
Solar/LEDTMA, TMG, TMI
Catalystmetallocene, MAO
Solid-stateLi2S, 120 tons capacity
The Sejong cluster connects R&D, existing production, and battery materials.

Official fact: The source gives lithium sulfide price at roughly USD 12,000/kg and says the company has low-temperature technology using cheaper lithium compounds to produce high-purity Li2S. It also mentions 120 tons per year capacity completed in late 2023.

Lake Materials portfolio image

3. Customers and numbers

ItemSource figure/contentCheck point
SK hynixAbout 47.1% High-K shareHBM precursor orders
Samsung SDI2027 solid-state targetLi2S sample tests
Q3 2025 cumulativeRevenue KRW 99.4bn, OP KRW 8.5bnRecovery after adjustment
Cash/current assetsKRW 24.6bn, KRW 133.2bnLand-purchase liquidity
2028 targetRevenue KRW 250bn, OP KRW 50bn20% OPM

4. Risks and conclusion

Lake Materials financial risk image

  • Valuation burden at roughly 70-80x PER.
  • Potential delay in solid-state battery commercialization.
  • Lithium and other raw-material volatility.
  • Debt ratio around 172% and future CAPEX burden.

For 2026, the key proof points are Sejong ownership transfer, initial Li2S revenue, HBM precursor order recovery, and overseas catalyst sales.

Sources

Naver original