Doosan to receive HUF 4.7bn grant for new plant in HungaryAll Articles
South Korean conglomerate Doosan plans to invest HUF 32bn to open a new plant in Tatabanya (W Hungary) in December, where it will manufacture battery copper foil for EVs and also create 181 new jobs.
The investment is planned to be completed by October 2019, as a result of which the new plant will have an annual production capacity of 50,000 tons of battery copper foil, enough for batteries to power 2.2 million EVs. The company will receive a HUF 4.7bn government grant for the project.
The plant will make Doosan the sole supplier of battery copper foil, a key component of electric vehicle batteries, in Europe.
''Construction work on the plant will start this year and could wind up during the second half of 2019. The plant will have annual capacity to make 50,000 tonnes of the product'' said Jongwoo Kim, the head of European operations at Doosan. ''We expect company's market share to expand thanks to the investment and demand for the plant's products to grow dynamically in the coming years.''
''Hungary's exports to South Korea exceeded USD 310 million in value in the first eight months of this year, compared to USD 500 mln in 2017 as a whole, and bilateral trade has grown by 54% from last year'' said Peter Szijjarto, Minister of Foreign Affairs and Trade.
Doosan Corporation engages in infrastructure support, consumer and services businesses in South Korea and internationally. It offers boilers, turbines and generators; engineering, procurement and construction services for power and water treatment plants; power plant retrofit and upgrade services; fuel cells; and seawater desalination and water/wastewater treatment plants and equipment. The company also provides casting and forging products for power plant, marine vessel, iron and steel making, mold and tool steel and other industrial facilities; and construction equipment comprising excavators, wheel loaders, articulated dump trucks, compact equipment, portable power products and attachments, as well as constructs and engineers civil, architecture, housing and plant projects. Doosan Corporation was founded in 1896 and is headquartered in Seoul, South Korea.
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