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Chungju city, N. Chungcheong Prov. signed a KRW 450 billion worth of investment contract with EMT

According to Yonhap News,

Chungju city and North Chungcheong Province formed a USD 375 million worth of investment contract on May 20 with a China-based rechargeable battery part maker, EMT. EMT rolled out a plan to establish a production facility on a 115,000 ㎡ site within Chungju Megapolis by the end of 2029, newly hiring nearly 500 workers.

The company has manufactured precursors, an essential material to lithium-ion battery, smart phone, lap top and EV production since its foundation in February 2010 under a mission to supply high- end, but much affordable products than Japanese.

They’ve already obtained eco-friendly technology to recycle used materials, expected to slash production cost tremendously, along with recipes to produce ultra high-capacity, large output precursors to be applied. The head of EMT said “we’re planning to scale business up by making Chungju factory a hub of production and export, which is believed to further improve our competitiveness.”

The governor also delivered a word of encouragement saying “it’s very important to facilitate a safe, sustainable ecosystem to supply core materials applicable to diver industry sectors in roder to help ever growing battery market competent. The authorities will never spare our financial and administrative efforts to help EMT.”

Source Text

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Source: Yonhap News (May 20 , 2020)

** This article was translated from Korean.