SK Materials Group to Invest Additional 250 Billion KRW in Sangju, Gyeongbuk

Signing of Memorandum of Understanding for Secondary Battery Material Facility Expansion Investment

Gyeongbuk Sangju City signed a memorandum of understanding for investment with SK Materials Group Fortin and Gyeongsangbuk-do on the 31st of last month.

[Asia Economy Yeongnam Reporting Headquarters Reporter Yeo Jong-gu] Sangju City, Gyeongbuk Province, signed a memorandum of understanding with SK Materials Group Fortin on the 31st of last month for investment in the expansion of secondary battery material facilities.

Attendees at the event included Lee Cheol-woo, Governor of Gyeongbuk Province, Kang Young-seok, Mayor of Sangju City, and Park Ki-sun, CEO of SK Materials Group Fortin.

This agreement involves SK Materials Group Fortin investing 250 billion KRW from 2022 to 2027 to secure a leading position in the high-growth global battery materials market.

SK Materials Group Fortin's anode material plant is being established in Magong-ri, Cheongni-myeon. Construction began in January, and once the plant is completed in September, trial operations will take place around the end of the year, with full-scale production expected to start in the first half of 2023.

A representative of SK Materials Group Fortin stated, “If the launch of silicon anode battery materials in the global market is successful, we plan to firmly establish a business foundation in Sangju.”

Mayor Kang Young-seok said, “Sangju City will actively support the cultivation and supply of specialized secondary battery personnel in cooperation with local educational institutions, and promote growth together with companies and the local community so that SK Materials Group Fortin can secure a leading position in the global secondary battery materials market.”