Iljin Materials to Establish Elecfoil Factory in Spain with 500 Billion KRW Investment

New 25,000-Ton Factory Established in Catalonia, Spain
Completion in 2024... Annual Production Capacity Increased by 130,000 Tons
"Confirmed North American Production Hub This Year for Global Top-Tier Growth"

[Asia Economy Reporter Kwak Minjae] Iljin Materials, a key material company for secondary batteries, announced on the 16th that it will invest 500 billion KRW to establish an electric vehicle electric foil factory with a capacity of 25,000 tons in Catalonia, Spain by 2024. This is the second overseas factory following Kuching, Malaysia.

Since 2021, Iljin Materials reviewed several candidate sites in Europe with optimal conditions for electric foil production and finally selected Catalonia, Spain. The warm and mild climate conditions suitable for electric foil production, the regional government's eco-friendly automobile industry policies, investment attraction efforts, and the stable power grid based on eco-friendly energy such as solar power greatly influenced the site selection.

Iljin Materials plans to use 100% renewable energy for total power consumption, including producing more than 50% of the total power used directly through solar power generation. Through this, all production subsidiaries, including the Malaysian factory, will early implement RE100 (supplying 100% of electricity required for product manufacturing from renewable energy) to actively respond to the demands of European customers emphasizing eco-friendliness.

This investment is the first phase of a 100,000-ton expansion plan in Europe to proactively respond to the explosively growing European electric vehicle market. Once the Spanish factory is completed in 2024, Iljin Materials' annual production capacity of electric foil for electric vehicles will increase to 130,000 tons (15,000 tons in Korea + 90,000 tons in Malaysia + 25,000 tons in Spain).

Meanwhile, last month, Iljin Materials was included in the Volkswagen Group's consortium for the 'Future: Fast Forward (F3)' project, a 93 trillion KRW (70 billion euro) scale project to establish Spain as a European electric vehicle hub.

Yang Jeomsik, CEO of Iljin Materials, said, "It is very meaningful that we have secured a competitive production base in Europe, the core market for eco-friendly electric vehicles," and added, "We plan to confirm another production base in the North American region as early as this year to grow into a global top-tier company in the secondary battery materials field."

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