Will Yeoju Become the 'K-Battery' Mecca?…Greenergy Attracts 100 Billion Won Investment

Gyeonggi Province Governor Kim Dong-yeon is attending the Greenergy groundbreaking ceremony held on the 11th in Jeomdong-myeon, Yeoju City, and participating in a commemorative event with the attendees.

Gyeonggi Province is fostering Yeoju-si, a representative overlapping regulation area, as a key hub for the K-battery industry.

On the 11th, Gyeonggi Province announced that it signed a business agreement with Greenergy Co., Ltd. to jointly invest 100 billion KRW with Yeoju-si to establish a production line for defense industry K-batteries (next-generation secondary batteries) new materials by December next year.

Kim Dong-yeon, Governor of Gyeonggi Province, attended the Greenergy groundbreaking ceremony held in Jeomdong-myeon, Yeoju-si, and said, "Greenergy's investment is meaningful in three aspects: the development of Yeoju-si, resolving regional imbalance issues, and laying the foundation for a K-battery hub." He added, "The imbalance between the underdeveloped eastern and northern parts of Gyeonggi and other regions is serious, and the Greenergy factory is expected to greatly help resolve this imbalance."

He continued, "If related partner companies come together with Greenergy in this area, it can become a major foundation and hub not only for Yeoju-si but also for the K-battery industry in South Korea."

Bang Seong-yong, CEO of Greenergy, stated, "Greenergy's secondary batteries improve lifespan and output, enabling rapid electrification of heavy equipment, buses, agricultural machinery, and industrial equipment that currently use diesel as fuel." He expressed expectations, saying, "Greenergy will grow into a company representing Gyeonggi Province and Yeoju in the global market beyond South Korea."

Greenergy is a foreign-invested startup established in February 2017 by engineers from global companies such as Samsung Electronics, Hyundai Motor Company, Tesla, and Apple in the electric vehicle and secondary battery fields. It has attracted a total of 30 billion KRW from domestic and international investors including Silicon Valley in the U.S., and is currently negotiating an additional investment of 40 billion KRW.

The lithium titanate oxide (LTO) developed by them is a new secondary battery material that replaces graphite, which was previously used as the anode, unlike conventional secondary batteries.

It is characterized by superior safety and high efficiency compared to existing lithium-ion batteries. LTO secondary batteries have special features such as stability, high output, and long lifespan, and are conducting various projects in multiple fields including adoption as a major government task.

Greenergy plans to invest 100 billion KRW by December 2024 to build an 8,400㎡ production line for new secondary battery materials for the defense industry on a 26,870㎡ site in Jangan-ri, Jeomdong-myeon, Yeoju-si, creating 192 jobs.

The eastern Gyeonggi region including Yeoju-si is a representative overlapping regulation area due to the Capital Region Readjustment Planning Act, water source protection zones, and the Paldang Special Measures Area, making it difficult to attract corporate investment. This makes the groundbreaking ceremony even more meaningful, according to Gyeonggi Province.

In particular, to attract Greenergy's investment in Yeoju, Gyeonggi Province has been actively promoting in cooperation with the Global Electric Vehicle Association (GEAN), which has been collaborating with 85 electric vehicle industry organizations in 28 countries worldwide since February last year.

Meanwhile, Gyeonggi Province plans to build a secondary battery cluster ecosystem in Yeoju-si and will actively expand investment environment briefings and promotional activities in the future.

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