ULSAN < invest Korea

According to Yonhap News,

Ulsan-si announced on August 24 that it signed a memorandum of understanding (MOU) with NanoTIM, a thermal solutions provider for electric vehicles, on investment in the "construction of a plant manufacturing thermal runaway protection pads for EV batteries."

Ulsan-si and NanoTim held a MOU signing ceremony at the mayor's office, pledging mutual cooperation.

According to the MOU, NanoTim will establish a thermal runaway protection pads production plant in Ulsan to supply flameproof materials for the platforms of next-generation EVs that Hyundai Mobis will start producing from 2025.

The plant, with an annual production capacity of 12,000 tons, will be built on the site of the Buk-gu Mobile Tech General Industrial Complex.

Construction will begin in September this year and be completed in September 2024.

NanoTim will invest a total of KRW 23.2 billion.

When hiring new workers for the operation of a new factory, Ulsan citizens will be given priority in hiring, while employees will be encouraged to transfer their addresses to Ulsan.

The company also plans to cooperate with the city in creating jobs and revitalizing the economy by utilizing local companies when building factories and facilities.

The city will provide administrative support to ensure investment in new factories can be carried out without a hitch.


yongtae@yna.co.kr

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Source: Yonhap News (August 24, 2023)