Panax Etec to Build New Factory in Hungary Next Year
[Asia Economy Reporter Kim Daeseop] Dongwha Enterprise announced on the 13th that Panax Etec, a secondary battery electrolyte manufacturer, will build a 20,000-ton capacity electrolyte factory in Hungary next year.
Panax Etec is a company acquired by Dongwha Enterprise in August last year. The new factory will be constructed in the S?skut area near Budapest, Hungary. It is scheduled to be completed in the fourth quarter of 2021.
Dongwha Enterprise expects that once the Panax Etec factory is built, it will enable smooth supply of materials to secondary battery finished product manufacturers operating locally in Hungary. Additionally, with the recent activation of the European electric vehicle market, this is also expected to have a positive effect on Panax Etec.
Upon completion of the Hungary factory, Panax Etec's domestic and overseas electrolyte production capacity will increase to approximately 53,000 tons.
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A Dongwha Enterprise official stated, "Panax Etec is a company ranked within the top 10 in the global electrolyte market share," adding, "The Hungary factory will be built near the battery plants of Samsung SDI and SK Innovation, which are local material companies."
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