Huayou Cobalt Building HUF 520 bln Cathode Plant

Manufacturing

Chen Hung-liang, chairman of Huayou Cobalt China, speaks at a press conference announcing the company's investment at the Ministry of Foreign Affairs and Trade in Budapest on June 21.

Photo by Attila Kovács / MTI

China's Huayou Cobalt will build a HUF 520 bln cathode plant in Ács (95 km northwest of Budapest), Minister of Foreign Affairs and Trade Péter Szijjártó said yesterday, according to origo.hu. 

The factory, Huayou Cobalt's first in Europe, will be able to turn out around 100,000 tonnes of cathodes for electric batteries a year, Szijjártó said. 

The government will provide financial support for the investment, which will create 900 jobs, he added. The scale of that support will be announced once the European Commission approves it. 

The decision to bring the plant to Hungary was taken after two years of negotiations and international competition, Szijjá rtó said. 

He noted that around 95% of the world's electric vehicle battery capacity was controlled by China, South Korea, and Japan. The minister said that Europe's success depended on forming closer cooperation between economies in the East and in the West. Hungary has "profited much" from becoming a "meeting point" between East and West, Szijjártó added.

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