Under the agreement, HS Hyosung Energy Solution Korea will construct a large-scale manufacturing facility in three phases within the Ulsan-Mipo National Industrial Complex, with all investments to be completed in stages by 2030.
- The firm will invest 300 billion KRW to complete its first plant MPK-1 by Q1 2028, with an annual capacity of 5,000 tonnes.
- An additional 300 billion KRW will be injected to expand capacity by another 5,000 tonnes per year between Q1 2028 and Q3 2029.
- From Q1 2029 to Q3 2030, 600 billion KRW will be invested to raise capacity by 10,000 tonnes annually. Upon completion of Phase 3, the total annual capacity will reach 20,000 tonnes.
Umicore is a global materials technology company headquartered in Belgium, boasting profound technical expertise in battery materials. The collaboration aims to industrialize Umicore’s silicon anode technology.
This project marks HS Hyosung Group’s first new business initiative after its spin-off from Hyosung Group. According to South Korean media, HS Hyosung previously unveiled a plan to invest 1.5 trillion KRW within five years to build mass-production capacity for silicon anode materials. The Ulsan project serves as the core component of this roadmap.
“We selected Ulsan, the birthplace of Hyosung Group, as our first investment site. We strive to become an advanced materials enterprise that grows alongside the local community,” said CEO Lee. “We will advance the development of next-generation battery materials as a national strategic industry to strengthen global supply chain competitiveness.”
Mayor Kim commented: “This marks a turning point for Ulsan to lead the global supply chain in next-generation core battery materials. We will provide all necessary administrative support and commit to building Ulsan into a hub for the future secondary battery industry.”
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