JEOLLABUK-DO < invest Korea

According to Newsis,

On November 15, Saemangeum Development and Investment Agency (SDIA) signed an investment agreement with Jeollabuk-do, Gunsan-si, and the Korea Rural Community Corporation to establish EPCHEMTECH's 'additive manufacturing facility for secondary battery materials and display processes' in the Saemangeum National Industrial Complex.

The signing ceremony was attended by about 30 people, including SDIA Administrator, Director of the Saemangeum Oceans and Fisheries Department in Jeollabuk-do, Gunsan's mayor, and CEO of EPCHEMTECH.

EPCHEMTECH plans to invest KRW 78.5 billion on a 325,000 square meter site in the Saemangeum National Industrial Complex to produce electrolyte, key materials for secondary battery, and photoinitiator, an additive used in the manufacturing process of display materials.

It is planned to sign a move-in contract within this month, invest KRW 47.8 billion and employ 40 new people by 2023 (Stage 1), and further invest KRW 30.7 billion and hire 10 more by 2026. (Stage2)

The next-generation electrolyte to be produced in Saemangeum is a key material that will increase battery life, shorten fast charging time, and improve low-temperature output, an item that is expected to drive growth of related industries and replace imports, at a time when demand for EV is rapidly increasing.

EPCAMTECH has been working on R&D and technology commercialization together with Chungbuk Techno Park through the commercialization-linked R&D project promoted by the Ministry of Trade, Industry and Energy and the Korea Institute for Advancement of Technology (KIAT).

Its investment in Saemangeum is said to have been decided in consideration of proximity to its existing site in Gunsan 2nd National Industrial Complex and synergy effect under the situation when eco-friendly future car cluster (Cooperative District) in the Saemangeum National Industrial Complex goes into full swing.

CEO of EPCHEMTECH said, "we will be a global company recognized for technological prowess based on continued R&D and investment."

EPCHEMTECH, founded in 2007, is specialized in production of of UV curing coating paints and optical sheets. It is headquartered in Eumseong, Chungbuk, and began developing electrolyte for secondary battery in 2015, and start production in 2021.

In anticipation of market expansion for secondary battery, it invested KRW 15 billion in Gunsan Industrial Complex, and began supplying domestic and foreign companies since February this year.

k9900@newsis.com

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Source: Newsis (November 15, 2021)