Gwangyang Economic Zone Authority Signs 58.5 Billion KRW Investment Agreement for Secondary Battery Material Business

Construction of High-Purity Nickel Plant for Cathode Materials in Gwangyang National Industrial Complex

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Director Song Sang-rak, hereinafter Gwangyang Economic Authority) and Jeollanam-do signed an investment agreement worth 58.5 billion KRW with SNN Co., Ltd., a secondary battery material company, on the 18th at the provincial office.

The signing ceremony was attended by Kim Jun-hyung, CEO of SNN Co., Ltd., Jeong Mi-ran, CEO of Doripocaipa Co., Ltd., and officials from Jeonnam Province, Gwangyang Economic Authority, Gwangyang City, and Muan County.

According to the investment agreement, SNN Co., Ltd. will invest 58.5 billion KRW to build a factory producing high-purity nickel for secondary battery cathode materials with an annual capacity of 20,800 tons by 2023 on a 25,000㎡ site in the Gwangyang National Industrial Complex.

The annual production of 20,800 tons of high-purity nickel corresponds to about 25,000 tons of cathode materials, enough to supply 270,000 electric vehicles. More than 50 new jobs will be created for local residents.

SNN Co., Ltd. was established as the world’s first company owning a nickel mine in SMSP, located in New Caledonia in the southwestern Pacific, with equity investments from SMSP and POSCO in 2006.

So far, it has steadily produced about 47,000 tons annually of ferronickel, an alloy of iron and nickel, supplying domestic and international steel companies including POSCO.

Recently spotlighted high-purity nickel significantly reduces the iron content and greatly increases the nickel content compared to ferronickel, contributing greatly to improving electric vehicle performance by increasing battery charge capacity.

An official from Jeonnam Province said, “Let us work together to ensure that this secondary battery material investment agreement plays a major role in developing Jeonnam into a global hub for the electric vehicle battery industry.”

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