Ulsan City Attracts Investment for Secondary Battery Electrolyte Production Facility Expansion... Ulsan City-Husung Investment Memorandum of Understanding Signed

Expansion of Factory in Maeam-dong, Nam-gu, with 120 Billion KRW Investment

Responding to Changes in the International Economic Order and Advancing the City's Key Industries

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Ulsan City has secured a large-scale 120 billion KRW investment from Hwasung, which possesses the nation's top fluorochemical core technology, for the expansion of its secondary battery electrolyte production facility.

This investment attraction is the second achievement following the new and expansion investment attraction for the secondary battery material production plant by Korea Zinc in early November, further solidifying Ulsan City's foundation to grow as a production hub for the future core industry of secondary battery materials.

On the 22nd at 4 p.m., Ulsan City and Hwasung will sign a Memorandum of Understanding (MOU) for the expansion investment of the secondary battery electrolyte production facility at the situation room on the 7th floor of the City Hall main building, attended by Mayor Kim Doo-gyeom and Hwasung CEO Heo Guk, among others.

According to the MOU, Hwasung will expand the secondary battery electrolyte production facility and relocate and enlarge its research institute, which is emerging as a future core industry of Ulsan City. It also promises to cooperate with Ulsan City to create jobs and revitalize the local economy by prioritizing the employment of Ulsan citizens when hiring personnel necessary for the expansion investment and operation.

The city will also continuously cooperate with Hwasung to ensure the smooth progress of this production facility expansion investment and actively support administrative procedures such as prompt permits and approvals.

In response to changes in the international economic order, including the implementation of the U.S. Inflation Reduction Act (IRA), Hwasung has decided to expand the secondary battery electrolyte production facility to proactively respond to the increasing demand in the North American and European markets and strengthen market dominance.

The "electrolyte" is an essential material included in the electrolyte solution, a basic component of secondary batteries, and Hwasung is the only company in Korea that manufactures and produces it through its own research and development.

This time, Hwasung plans to double the existing 2,000-ton scale secondary battery electrolyte production facility to 4,000 tons on the site of the Ulsan Plant 1st Campus located in Maeam-dong, Nam-gu, starting construction in November and completing it by December next year.

Along with the expansion of the electrolyte production facility, the charging manufacturing facility located on the 1st Campus site will be relocated and expanded to the nearby 2nd Campus site, and the secondary battery material research institute and pilot plant manufacturing facilities will also be relocated and expanded.

The total project cost is 120 billion KRW, and about 50 new employees will be hired over the next five years.

In particular, Hwasung is also considering additional investments on the 3rd Campus site in Yeocheon-dong, Nam-gu, to prepare for long-term market demand and expand its dominance.

CEO Heo Guk of Hwasung said, "We appreciate Ulsan City's interest and administrative support for the expansion of the secondary battery electrolyte production facility and the relocation and enlargement of the research institute. Based on over 40 years of accumulated fluorochemical technology and advanced process technology, we will produce the best products in Korea and strengthen our market dominance and global competitiveness."

Mayor Kim Doo-gyeom said, "We hope that Hwasung's investment project, rooted and grown in Ulsan, will lead to collaboration with major corporations such as Hyundai Motor and Samsung SDI, as well as research institutions like Ulsan National Institute of Science and Technology, Korea Institute of Energy Research, and Ulsan Technopark Secondary Battery Demonstration Center, maximizing research and development outcomes. We will also strengthen support for nurturing the secondary battery industry, a future core industry of Ulsan, so that Ulsan can grow into a leading city in the secondary battery industry."

Hwasung operates the Ulsan Plant with a site area of 206,927㎡, including the 1st and 2nd Campuses in Maeam-dong, Nam-gu, and the 3rd Campus in Yeocheon-dong. Its main products include refrigerants, secondary battery materials, semiconductor specialty gases, and inorganic fluorides.

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