[Asia Economy (Suwon) = Reporter Lee Young-gyu] NEO Battery Materials, a battery material development and manufacturing company headquartered in Vancouver, Canada, will invest 24 billion KRW in the Oseong Foreign Investment Zone in Pyeongtaek, Gyeonggi Province.
On the 30th, Gyeonggi Province announced that it signed a memorandum of understanding with NEO Battery Materials at the Suwon Gwanggyo New Office to support the early completion of a silicon anode material manufacturing facility for secondary batteries and to prioritize hiring Gyeonggi residents to revitalize the local economy.
The province explained that this investment attraction is a new model that simultaneously promotes the commercialization of new electric vehicle battery material technology developed at domestic universities and entry into overseas markets.
NEO Battery Materials is currently exploring various collaboration opportunities, including sample testing, with numerous domestic and international electric vehicle battery manufacturers and material companies, aiming for mass production in the second half of 2023.
Earlier in February, the company opened a research center at Yonsei University to continuously improve performance.
The battery being commercialized this time replaces the core component, the anode material, from conventional graphite to silicon. Compared to graphite anode materials, it offers up to 50% higher energy density, nearly five times the battery capacity, and much faster charging speeds. In Korea, Daejoo Electronic Materials is the only company capable of producing silicon anode additives.
American Tesla and German Porsche have attracted attention in the electric vehicle market by applying silicon anode materials to increase electric vehicle charging speeds.
Lee Han-gyu, Deputy Governor for Administration of Gyeonggi Province, said, "This investment is a new successful case of attracting investment that combines domestically developed advanced technology with overseas capital and reaches the mass production stage through market development." He added, "I hope NEO Battery Materials grows into a model foreign-invested company that collaborates with domestic SMEs and contributes to revitalizing the local economy."
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