Donghwa Enterprise "Reviewing Overseas Sites in Electrolyte Sector... Continued Growth"

[Asia Economy Reporter Yoo Hyun-seok] Dongwha Enterprise announced on the 27th that it is showing remarkable external growth in the electrolyte sector, following eco-friendly resins and surface materials.

In August last year, Dongwha Enterprise acquired Panax Etec, a leading domestic electrolyte manufacturer. Panax Etec, acquired by Dongwha Enterprise, was the first company to successfully localize electrolytes, which had been monopolized by China and Japan. It has maintained a position within the top 10 global market shares among domestic companies, leading the related market. Currently, Dongwha Enterprise produces more than one-third of the total domestic electrolyte production volume.

In particular, overseas business expansion is also underway. Following China and Malaysia, the company is recently reviewing a new electrolyte plant in Hungary, strengthening its position as a leading company in this field. The construction of Dongwha Enterprise’s electrolyte factory in Hungary, which began in February, has completed the purchase of the factory site in the Soskut area near Budapest. Currently, it is in the final stages of obtaining permits for factory construction, with plans to complete construction in the second half of next year. Upon completion, the Hungary factory is expected to have an annual electrolyte production capacity of 53,000 tons. Additionally, the establishment of a local factory in the United States is also being carefully considered.

Alongside this, Dongwha Enterprise continues research and investment in the solid electrolyte field. Having intensified research in this area since 2017, Dongwha Enterprise was recognized for its capabilities in 2019 and selected for a national project related to solid electrolytes. Demonstrating its project execution capabilities, the company has continued this commercialization national project into 2020.

Lee Si-jun, Chief of Chemistry at Dongwha Enterprise, said, “We continue research and development centered on Dongwha Enterprise’s Central Research Institute to diversify chemical business and discover new growth engines,” adding, “Through continuous investment, we will further expand our research and development capabilities and solidify our position in the chemical sector.”