ULSAN < invest Korea

According to Yonhap News,

Ulsan City announced that it will sign an Investment MOU with UFEZ and SMLab(Singular Materials Laboratory) on June 11 to expand a factory producing positive electrode for secondary battery.

According to Ulsan city, it's the first time to sign an Investment MOU since the opening of UFEZ Authority on the first day of this year and after designation and announcement of UFEZ on June 11 last year.

In accordance with the MOU, SMLab will invest around KRW 121.5 billion in Hightech Valley (1st stage) in Ulju-gun to expand production facilities of positive electrode for secondary battery.

The city and UFEZ Authority are to provide administrative support in permission and approval, etc.

SMLab is a company producing positive electrode, a key material for Lithium-ion battery.

It is a startup established by Professor Cho Jae-phil of UNIST.

SMLab currently operates 2 factories, and plans to increase monthly production capacity to 1,800 t by adding this 3rd factory which will produce 1,200 t monthly.

The city expects this expansion of production facilities would expand the range of industries in UFEZ.

Mayor of Ulsan city said, "UFEZ began from hydrogen, and is set to expand to secondary battery, floating offshore wind farm, and a hub of oil and gas, and decommissioning industries in Northeast."

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Source:Yonhap News (June 11, 2021)