DAEGU < invest Korea

According to Yonhap News,

In Daegu, the Mirae Advanced Material, a producer of secondary battery cathode materials, is set to establish a manufacturing facility.

According to Daegu-si, the company will inject KRW 32 billion by 2024 into building a 3,522 square-meter plant for grinding and processing lithium hydroxide near the headquarters located in the 2nd Dalseong Industrial Complex.

The annual output of the material is estimated to be 40,000 tons.

Lithium is a key material for cathodes and generates electricity by traveling between anodes and cathodes.

The Mirae Advanced Material is an affiliate of a leading company Mirae Nano Tech that has adopted the material of secondary battery as for the future growth engine. The city and the company inked an MoU in the afternoon of the day,

Yoon Seung-Hwan, the head of the company, mentioned, "Daegu is not only close to major customers but also is accessible for us to supply qualified workers. In that sense, we decided to make investments since Daegu is the deemed an optimal area for the industry."

tjdan@yna.co.kr

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Source: Yonhap News (Sept. 26, 2022)