Gyeonggi-do Attracts 100 Billion KRW Investment from 2nd Battery New Material Company Greenergy Co., Ltd.

Gyeonggi Province Governor Kim Dong-yeon (center) is taking a commemorative photo with Lee Chung-woo, Mayor of Yeoju City, and Bang Seong-yong, CEO of Greenergy, after signing a K-Battery investment attraction agreement at the Gyeonggi Provincial Government Office on the 16th. Photo by Gyeonggi Province

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Greenergy Co., Ltd., which developed new secondary battery materials for defense industry applications in special environments such as ultra-low and high temperatures, will invest 100 billion KRW by 2024 to establish K-battery (next-generation secondary battery) facilities in Jangdong, Yeoju, a representative overlapping regulation area in eastern Gyeonggi Province.

On the 16th, Gyeonggi Province signed a Memorandum of Understanding (MOU) for investment attraction titled "Establishment of K-Battery Manufacturing Facilities and Creation of a Secondary Battery Innovation Ecosystem" with Yeoju City and Greenergy Co., Ltd. at the Gyeonggi Provincial Government Office.

According to the agreement, Gyeonggi Province and Yeoju City will provide administrative support to ensure the successful implementation of the company's investment. Greenergy will invest 100 billion KRW by 2024 to build secondary battery new material facilities on a site area of 27,000㎡ and a total building area of 9,000㎡ in Jeomdong-myeon, Yeoju City. This is expected to create 192 new jobs and contribute to revitalizing the local economy.

Eastern Gyeonggi areas such as Yeoju are representative overlapping regulation zones including ▲Metropolitan Area Regulation (Capital Region Readjustment Planning Act) ▲Water Source Protection Zone (Water Supply Act) ▲Paldang Special Measures Area (Framework Act on Environmental Policy), making it difficult to attract corporate investment. Therefore, the success of this agreement holds greater significance, according to the province.

Starting with Greenergy's investment attraction for the "K-Battery Manufacturing Facility," Gyeonggi Province and Yeoju City plan to continuously attract partner companies possessing core technologies in the secondary battery new material sector to establish the eastern Gyeonggi region as a K-Battery innovation ecosystem.

Greenergy was established in February 2017 and is a future innovation company that won the "CES Innovation Award" last November.

Unlike conventional secondary batteries, Greenergy developed new secondary battery materials that replace graphite, previously used as the anode, with lithium titanate oxide (LTO). LTO is one of the next-generation anode materials recently gaining attention in the industry. Batteries applying LTO demonstrate superior safety and high efficiency compared to existing lithium-ion batteries. LTO secondary batteries have advantages such as stability, high output, and long lifespan, making them suitable for defense industry applications, ships, railway vehicles, large buses, and construction machinery equipment. Currently, the company is conducting various projects in multiple fields, including government major task adoption, to enter institutions and enterprises.

At the signing ceremony, Gyeonggi Governor Kim Dong-yeon said, "I feel triple joy regarding Greenergy's investment decision. First, a future innovation company is coming to Yeoju; second, the eastern Gyeonggi region has faced many difficulties due to various regulations, but this investment will greatly help balanced development; third, I recently mentioned in my provincial government speech that I aim to attract 100 trillion KRW in domestic and foreign corporate investments during my term, and I am pleased to secure such a large investment."

He added, "Silicon Valley in the U.S. also started in a desert. Compared to that, Yeoju has much more beautiful nature and environment with good conditions, so I believe this will serve as a catalyst for creating an innovation ecosystem. I will do my best to faithfully keep promises and work hard for Yeoju's development," he emphasized.

Earlier, on the 7th, Governor Kim announced in the Gyeonggi Provincial Assembly's government speech that he would promote attracting 100 trillion KRW in investments during his term, focusing on future industries such as semiconductors, bio, advanced mobility, artificial intelligence, and big data.

Last month, the province successfully attracted the world's largest industrial gas producer, the U.S. company Linde, to establish a rare gas production plant for semiconductor processes in Pyeongtaek, marking a series of successes in attracting key industry investments since the 8th provincial administration began.

Yeoju Mayor Lee Chung-woo said, "Yeoju has many disadvantages and regulations, but thanks to Gyeonggi Province's interest, the process has proceeded smoothly in a short time. We are currently conducting a feasibility study to simultaneously promote about 12 industrial complexes, including the one where Greenergy is located, so we ask for much support."

Greenergy CEO Bang Seong-yong said, "I was born in Yeoju, so returning here has special meaning. Thanks to Gyeonggi Province's support, engineers with extensive experience have relocated to Yeoju, and I hope companies like ours can grow here. We will continue efforts to develop new secondary batteries in Yeoju to electrify industries that have not yet been electrified, such as heavy equipment, large ships, and diesel-powered industries that cause environmental pollution," he promised.

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