South Korea EcoPro BM to invest in $810 mln cathode plant in Hungary.
South Korea’s EcoPro BM (247540.KQ) plans to build a factory in Hungary to produce cathodes used in electric car batteries, Hungary’s Foreign Minister Peter Szijjarto said in a Facebook video.
The investment is worth 264 billion forints ($810 million) and the first phase of the construction is planned to be finished by the second half of 2024 in the eastern town of Debrecen. The second phase will finish a year later.
Peter Szijjarto said.
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As the car industry constitutes 30% of the total manufacturing industry output, it is decisive for future economic growth to attract more and more investment in the electric car sector into Hungary.
He said the Hungarian government was providing a grant to EcoPro BM, the amount of which will be published after the European Commission is notified of the deal.
The plant will have a capacity to produce 108,000 tonnes of cathodes annually, enough to supply 1.35 million electric cars.
Kwon Woo-seuk, EcoPro BM’s CEO said after the agreement.
The fast-growing European market is a very good opportunity for EcoPro … this is our first foreign investment and an important step.
Ecopro Co Ltd (086520.KQ) is a Korea-based company principally engaged in the manufacture and sale of secondary battery materials.
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South Korea’s EcoPro BM to invest in $810 mln cathode plant in Hungary, December 8, 2021
