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According to Yonhap news,
A new secondary battery manufacturing plant will be built in the Energy Valley Industrial Complex in Gwangju.
The groundbreaking ceremony of Gwangju1 factory of Magnatech, a producer of secondary battery, a key component of electronic vehicles, was held at the Energy Valley Industrial Complex in Nam-gu, Gwangju on February 28.
Matnatech, which develops and produces cathode materials and solid-battery for secondary battery, signed an investment agreement with Gwangju-si in August last year.
In the Gwangju 1 factory, a pilot line will be built for LEP (Lithium Iron Phosphate) pouch cells, which compensates shortcomings of lithium-ion batteries to enhance safety while reducing price, and commence pilot production with the goal of mass production.
The construction of Gwnagju 1 factory is set to be completed at the end of August this year.
The Gwangju Free Economic Zone Authority plans to attract investment from promising companies in the fields of secondary batteries, hydrogen fuel cells, and mobile energy storage systems (ESSs) and provide support for their stable management.
A deputy mayor of Gwangju said, "we will strive to attract promising secondary battery companies to make Gwangju a leading city in the next-generation battery industry."
areum@yna.co.kr
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Source: Yonhap News (February 28, 2024)
** This article was translated from Korean.