Toyo Ink Inaugurates HUF 7 bln EV Battery Parts Plant in Hungary

Automotive

Tamás Menczer at the plant's inauguration ceremony.

Photo by Tibor Illyés / MTI

Japan's Toyo Ink inaugurated a HUF 7 billion battery parts plant in Újhartyán, on the outskirts of the capital, on Tuesday, according to a report by state news wire MTI.

The plant will turn out conductive carbon nanotube (CNT) dispersions for lithium-ion battery cathodes developed for electric vehicles. The dispersions will be delivered to South Korean-owned SK On which supplies EV batteries to big automotive industry manufacturers such as Volkswagen Group.

The state awarded Toyo Ink HUF 700 million for the investment which has created 45 jobs, Ministry of Foreign Affairs and Trade state secretary Tamás Menczer said at the ceremony.

Katsumi Kitagawa, chairman of Toyo Ink SC Holdings, said the group has made investments to strengthen its capacity to produce advanced battery materials with the aim of turning the activity into a core business that can generate JPY 20 bln a year.

Yoshiharu Ono, Toyo Ink Magyarország managing director, said the plant not only brings the company's operations closer to SK On but is expected to expand its business activities in the European region, "thanks in part to Hungary's business environment, its high-quality human resources, and its future growth potential based on the Hungarian government's economic policies".

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