EcoPro Group used a Seoul seminar to argue that stable nickel access is essential to keep ternary batteries (nickel-rich lithium-ion batteries) competitive as demand from electric vehicles, physical AI, humanoids and urban air mobility grows. EcoPro BM plans to direct 765 billion won of a 1.2 trillion won rights offering (share sale to existing investors) into the BNSI smelter in Sulawesi, where it aims to secure a 39% stake and eventually raise nickel supply rights to 65,000 tons, up from 29,000 tons already secured through $500 million invested across four IMIP projects since 2022. The company says smelting can deliver much higher returns than cathode materials, targeting by around 2030 nickel-smelting revenue of 2.5 trillion won and operating profit of 530 billion won, versus 9 trillion won of cathode-materials revenue and 490 billion won of operating profit, while also easing margin pressure as Chinese rivals dominate LFP (lithium iron phosphate) products on price. The plan still faces dilution risk from the share sale and uncertainty over nickel prices, though EcoPro BM says it would prioritize the Indonesian project and fund any shortfall with its own capital if proceeds come in below expectations.