Gwangyang Economic Zone Authority Signs Investment Agreement for 40 Billion Won Secondary Battery Material Business

Published 04 Oct.2022 20:28(KST)

Construction of Secondary Battery Material Production Plant in Gwangyang Sepung Industrial Complex

Gwangyang Economic Zone Authority Signs Investment Agreement for 40 Billion Won Secondary Battery Material Business

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Chairman Song Sang-rak, hereinafter Gwangyang Economic Authority) and Jeollanam-do Province (Governor Kim Young-rok) signed an investment agreement worth 40 billion KRW with CIS Chemical Co., Ltd., a secondary battery material company, on the 4th.

The signing ceremony held at the Jeonnam Provincial Office was attended by Governor Kim Young-rok, CIS Chemical CEO Lee Sung-oh, Gwangyang Mayor Jeong In-hwa, and Song Sang-rak, Chairman of the Gwangyang Economic Authority.

CIS Chemical will invest 40 billion KRW in a 10,000-pyeong port hinterland site in the Gwangyang Sepung Industrial Complex to produce 10,000 tons of secondary battery materials annually starting in 2026. The construction of the production plant will create more than 60 new jobs.

CIS Chemical is a material-specialized company that re-exports high-purity nano alumina for semiconductor equipment materials to leading Japanese material companies. Through proprietary technology that purifies raw materials such as lithium, cobalt, and nickel, which are raw materials for secondary battery materials, the company is expected to greatly contribute to expanding Jeonnam’s material industry base by strengthening material production capacity and ensuring stable procurement of raw materials.

Governor Kim Young-rok of Jeollanam-do said, “We will do our best to provide administrative support so that the investing companies can succeed in the region.”

Song Sang-rak, Chairman of the Gwangyang Economic Authority, stated, “To strengthen the secondary battery material supply chain, we will attract investments from excellent secondary battery material companies to our jurisdiction, contributing to regional development through the stabilization of domestic battery material supply and the clustering of related industries.”