Dongwha Electrolyte Hungary will set up an HUF 11 billion electrolyte plant in Sóskút, on the outskirts of Budapest, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Thursday, according to a report by state news wire MTI.
Szijjártó said big investments in battery plants locally by Samsung SDI, SK Innovation and other Korean companies had created supplier demand that the Dongwha group can fill with the plant.
The 13,000 sqm plant is Dongwhaʼs first in Europe. It has production units on four continents.
The investments will create 90 jobs initially, Szijjártó said.
Dongwha Enterprise president Si-Joon Lee said in a video message that the company would build an electrolyte and NMP refinery in Sóskút.
NMP, or N-Methyl-2-pyrrolidone, is used as a solvent for electrode preparation in the manufacture of lithium ion batteries.
Lee said the NMP at the plant would be recycled, which is better for the environment as well as costs.