Doosan Solus Secures Incentives Worth 34 Billion KRW from Hungarian Government

Doosan Solus has secured incentives worth approximately 34 billion KRW from the Hungarian Investment Agency. Doosan Solus CFO Geunman Kwak (second from left) and Doosan Solus Hungary Branch Manager Jongwoo Kim (third from left) are taking a commemorative photo with Adrienn Olah Kantol, Head of Incentives Department at the Hungarian Investment Agency (fourth from left), and other officials after signing the incentive contract.

[Asia Economy Reporter Ki-min Lee] Doosan Solus announced on the 25th that it has secured incentives worth approximately 34 billion KRW from the Hungarian government. This amount includes financial support necessary for establishing a battery foil factory, a key material for electric vehicle batteries, as well as corporate tax exemption benefits.

Doosan Solus plans to utilize the cash incentives to be received from the Hungarian government in October to establish a mass production system at its Hungarian plant.

Currently producing 10,000 tons of battery foil, Doosan Solus intends to expand production to 25,000 tons by 2022, starting the expansion by the end of this year. The company plans to further increase production capacity to 75,000 tons by 2025 through additional expansions.

A Doosan Solus representative stated, “The Hungarian government highly evaluated the sales growth potential and job creation capability of the local Doosan Solus production plant, providing VIP treatment within two months of the incentive application and shortening administrative procedures related to construction and environmental permits.” He added, “We expect various benefits from the Hungarian government at each stage of the factory expansion, including cash support, corporate tax exemption, improved transportation convenience for employees, and infrastructure development.”

Meanwhile, Doosan Solus is scheduled to begin full-scale mass production of battery foil in the second half of the year and supply it to global battery customers.

This content was produced with the assistance of AI translation services.