Iljin Materials Joins Volkswagen's 93 Trillion KRW Electric Vehicle Project... "The Only Battery Material Company Involved"

62 Companies Including Spanish Automaker SEAT Join Project
Building Ecosystem from Lithium Extraction to Electric Vehicle Production
"Targeting European Market Starting from Spain"

[Asia Economy Reporter Kwak Min-jae] Iljin Materials, a key material company for secondary batteries, announced on the 6th that it will participate in the Volkswagen Group's project to establish Spain as a European electric vehicle hub, the ‘Future: Fast Forward (F3)’ consortium.

The project, promoted by the Volkswagen Group together with the Spanish government, involves 62 companies including Iljin Materials and Volkswagen's subsidiary, the Spanish automobile company ‘SEAT S.A.’ The investment of 93 trillion KRW (70 billion euros) is the largest single-scale investment in Spanish history. The goal is to operate 250,000 electric vehicles by next year.

Iljin Materials is the only domestic company producing battery materials to participate in this project. Iljin Materials manufactures Elecfoil (copper foil), an essential core material for electric vehicle batteries.

The biggest feature of the project is to build a full electric vehicle ecosystem, from extracting lithium from mines to producing batteries for electric vehicles and manufacturing electric vehicles. In particular, the Volkswagen Group plans to build a gigafactory producing its own batteries in Valencia, Spain.

Yang Jeom-sik, CEO of Iljin Materials, said, “It is very meaningful that we were recognized for our technological capabilities as the only battery material company included in this project,” and added, “We will aggressively target the European market starting with Spain.”

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