Iljin Materials to invest $555 mn in Malaysian subsidiary to up elecfoil output

[Source: Iljin Materials Co.]

South Korean battery materials maker Iljin Materials Co. will invest 600 billion won ($555 million) in IMM Technology Sdn. Bhd., its wholly owned subsidiary in Malaysia, between January 2022 and December 2024 to ramp up elecfoil output from the Southeast Asian country from current 40,000 tons to 90,000 tons per year. Elecfoil is a thin copper foil used in cathode collectors in secondary batteries, and its demand surges in line with the burgeoning EV and ESS markets. IMM technology is also reviewing a plan to build new elecfoil production facilities in Europe and America as well and will decide on the plan by H1. Iljin Materials shares were up 2.7% at 114,000 won in mid-day trading on Tuesday.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]