JEOLLABUK-DO < invest Korea

According to Yonhap News,

Aekyung Petrochemical, a manufacturer of core materials for secondary batteries, broke ground for its factory to be built in the Jeonju Science Industrial Complex.

The ceremony attracted Vice President of Aekyung Group Bu Gyu-hwan, Governor of North Jeolla Province Kim Wan-ju, Wanju Governor Im Jeong-yeop, Executive Director of Research Fellowship for Young Scientists Kim Geon and others.

About 15 billion won will be injected into building a manufacturing facility for cathode materials, core substances for lithium secondary battery, on a 33,058 square meter-land. The factory will enter commercial production from October.

Based on the future market condition, additional 60 billion won will be invested to have an annual manufacturing capacity of 3,000 tons of cathode materials.

If completed, the factory is expected to facilitate the local economy by creating 150 jobs and generating local tax revenues.

High power cathode materials, used for electric vehicles, have been mostly manufactured by Japan. Aekyung Petrochemical's production of the materials will decrease Korea's dependence on the Japanese technology.

Source Text

Source: Yonhap News (May 2, 2012)

** This is an English translation of a Korean news article.