EcoPro to invest $885 million to expand EV battery material production

EcoPro, the parent company of battery materials producer EcoPro BM, will invest 1.18 trillion won ($885 million) in Korea this year to expand factories for electric vehicle (EV) battery materials.

EcoPro founder Lee Dong-chae speaks during the groundbreaking ceremony of the company's cathode plant in Hungary in April 2023. [ECOPRO]

EcoPro, the parent company of battery materials producer EcoPro BM, will invest 1.18 trillion won ($885 million) in Korea this year to expand factories for electric vehicle (EV) battery materials.

The company will spend 690 billion won and 320 billion won, respectively, on the factory expansion of precursors, an intermediate product in producing cathode and anode materials, critical components in EV batteries. Ten billion won will also be spent on the production of industrial gas.

The investment will be largely centered on the company's campus in Pohang, North Gyeongsang, which it began establishing in 2020. A total of 5.5 trillion won will be invested in the 513,975 square meter (5.53 million square feet) campus.

BY JIN MIN-JI [jin.minji@joongang.co.kr]