- The investment is worth €710 million.
- The first phase will be completed by the second half of 2024.
- The plant will produce 108,000 tonnes of cathodes annually.
- The Hungarian government will provide a grant, details pending EU notification.
Investment and Timeline
South Korea's EcoPro BM plans to invest €710 million in a new factory in Debrecen, Hungary, to produce cathodes for electric car batteries. The first phase of construction is expected to be completed by the second half of 2024, with the second phase finishing a year later.
Production Capacity
The plant will have the capacity to produce 108,000 tonnes of cathodes annually, which is sufficient to supply 1.35 million electric cars. This significant production capacity aims to support the growing demand in the electric vehicle market.
Government Support
Hungary's Foreign Minister Peter Szijjarto announced that the Hungarian government will provide a grant to support the investment. The exact amount of the grant will be disclosed after the European Commission is notified of the deal.
Strategic Importance
The investment is seen as crucial for Hungary's economic growth, particularly in the automotive sector, which accounts for 30% of the country's total manufacturing output. Attracting investments in the electric car sector is a strategic priority for the Hungarian government.
