South Korea’s Soulbrain on Wednesday announced plans to build a 7 billion forint (EUR 20.7m) electrolyte plant in the Tatabánya industrial park, in north-western Hungary, to supply makers of lithium batteries.
Péter Szijjártó, the minister of foreign affairs and trade, said the government has awarded the project a 425 million forint grant. The 4,700sqm plant will supply the Hungarian units of South Korean battery makers SK Innovation and Samsung, he added.
Soulbrain will hire about 50 people at the plant, though future expansions are anticipated.
The plant is expected to be completed by the end of the year, allowing production to start by mid-2021, Soulbrain’s chief financial officer, Dominic Lee, said.