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According to Yonhap News,

Cheonbo BLS, a secondary battery material manufacturer, is to build a factory in Saemangeum Industrial Complex, Gunsan-city, North Jeolla Province, and held an investment MOA signing ceremony at Miranda hotel, Gunsan on July 7.

The company is to invest KRW 512.5 billion in two stages by 2026, and plans to produce next-generation materials-electrolyte salt-for secondary battery on the land area of 171,000 ㎡ in Saemangeum Industrial Complex.

KRW 218.5 billion will be invested by 2023 at the 1st stage, followed by KRW 294 billion at the 2nd stage.

When the factory becomes fully operational, 470 jobs are expected to be created.

Cheonbo BLS is a subsidiary of Cheonbo, which produces electrolyte and electrolyte additive, a material for secondary battery.

Gunsan-si explained that next-generation electrolyte salt is more reliable and has longer life span than existing ones.

The city expects that this large-scale investment will strengthen a cluster of electric vehicles, create jobs, and increase traffic volume of Gunasan Port, contributing to regional economy.

The city's mayor said "Cheonbo BLS is an excellent company capable of leading future new growth engine industries, and will also help improving industrial structure of Gunsan," adding "we will not spare any efforts to provide support to help it grow as Gunsan's representative company, co-prospering with the region."

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Source:Yonhap News (July 7, 2021)