GWANGJU < invest Korea

According to Yonhap News,

Sebang Lithium Battery, an EV battery maker, signed an MOU on Jan 6 with the city of Gwangju for its KRW 115 billion investments. The battery producer, currently headquartered in Anyang city, unveiled a plan to build out its manufacturing plant on a 29,000 ㎡ site near Pyungdong in Gwangju city by the end of this June.

The investments are highly expected to enhance production capacity, supplying an average of 420,000 battery modules mounted on EVs, adding 250 new jobs in the city.

Laying the foundations for its export hub, Sebang plans to move part of its business to Gwangju city and scale up its business capability to develop high-technologies in rechargeable batteries and modules built in EVs production. In return for the MOU, the city pledged to provide financial and administrative support to incentivize the investor. Sebang will also push for local hiring, securing a pool of talents in the long run.

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Source: Yonhap News (Jan 6, 2021)