Gwangyang Free Economic Zone Authority Holds Investment Talks on 'EVE Energy' with China's Narada Energy

Support for ESS and Secondary Battery Companies Entering Korea

The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Koo Chungon, hereinafter referred to as Gwangyang FEZ Authority) announced on the 25th that it visited the headquarters of Narada Energy in Hangzhou, China, on the 24th to check the progress of investment and held investment consultations with the global battery company EVE Energy, which was participating in the China International Energy Storage Exhibition on the same day.

Narada Energy is a leading company in the energy storage system (ESS) industry in China and has expanded its presence in the global market based on its collaboration experience with Korea.

The Gwangyang Free Economic Zone Authority's China Investment Attraction Team visited the headquarters of Narada Energy in Hangzhou, China, on the 24th to conduct investment attraction activities. Photo by Gwangyang Free Economic Zone Authority

In particular, the company plans to invest about $50 million within this year to establish an ESS manufacturing plant in the Yulchon Industrial Complex in the Gwangyang Bay Area, and based on this, make a full-fledged entry into domestic and international markets.

During his visit to Narada Energy's headquarters, Koo Chungon, Commissioner of Gwangyang FEZ Authority, stated, "After changes in the global trade environment such as tariffs, many companies have entered Korea as a bridgehead for entering the world market. We will do our utmost administratively to support special opportunity zones and incentives for ESS and secondary battery companies."

In response, Liu Chenghao, Global CEO of Narada Energy, replied, "From the perspective of securing global competitiveness, an overseas production base is necessary. The Gwangyang Bay Area offers a favorable investment environment and is a region with friendly Korea-China relations where many Chinese companies have entered, so we will make it a hub for overseas expansion of ESS manufacturing."

On the same day, Gwangyang FEZ Authority continued separate consultations with EVE Energy, which was participating in the exhibition. EVE Energy is ranked among the global top 10 in battery production and is especially a world leader in batteries for ESS.

Commissioner Koo Chungon stated during the consultation that if EVE Energy participates in the Yulchon ESS project in the Gwangyang Bay Area, global ESS companies will take interest, and since Gwangyang FEZ Authority plans to provide active administrative support, he requested that they visit the Gwangyang Bay Area to review investment possibilities.

Liu Hongguang, General Manager of EVE Energy, said that the group would review the possibility of participating in the Gwangyang Bay Area project and expressed a desire to create a good Korea-China cooperation model in the new energy sector together with Gwangyang FEZ Authority.

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