Additional Secondary Battery Company Moves into Saemangeum... 113.5 Billion Won Investment Contract

Eco&Dream·Recarbon Solutions Lease Agreement
Total Performance of Over 4 Trillion Won in One Year Since Current Government Inauguration

The Saemangeum Development Authority announced on the 28th that it has signed occupancy contracts for the Saemangeum National Industrial Complex with Eco & Dream and Recarbon Solutions.

Saemangeum National Industrial Complex panorama / Photo by Yonhap News

The two companies plan to invest a total of 113.5 billion KRW in the Saemangeum National Industrial Complex, start construction of their factories in the second half of this year, and begin operations from the second half of next year. They will also hire about 90 new employees to actively promote local employment.

Eco & Dream will establish production facilities for secondary battery cathode active material precursors developed with proprietary technology in the Saemangeum National Industrial Complex. Recarbon Solutions, founded last year, is a manufacturer of hydrogen production facilities and carbon reduction equipment, and collaborates with Recarbon, a U.S. company possessing carbon resource technology, to focus on technological advancement.

The Saemangeum Development Authority also signed an investment agreement worth about 1.2 trillion KRW with LG Chem and Zhejiang Huayou Cobalt on the 19th, and plans to sign occupancy contracts soon. Within one year of the current administration’s launch, a total of 4.176 trillion KRW in achievements have been recorded. This is approximately three times the total occupancy contract performance concluded over nine years from the opening of the Saemangeum Development Authority in September 2013 through previous administrations.

Unlike investment agreements (MOUs) which have no legal binding force, occupancy contracts are binding agreements concluded between the Saemangeum Development Authority and tenant companies under Article 38 of the "Act on the Activation of Industrial Clusters and Factory Establishment." Currently, the Saemangeum National Industrial Complex has attracted 14 investments in the secondary battery sector alone, totaling 4.1681 trillion KRW (cumulative basis).

Kim Min-yong, CEO of Eco & Dream, said, "I gained confidence upon hearing recent news that major companies related to secondary batteries, such as LG Chem and the Korea-China global joint venture, have invested in Saemangeum," adding, "The Saemangeum Development Authority’s active efforts to resolve corporate difficulties, such as establishing a one-stop support center, also played a part in the investment decision."

Kim Gyu-hyun, head of the Saemangeum Development Authority, stated, "We are currently undergoing procedures to designate an investment promotion district to expand corporate support such as corporate tax reductions," and added, "We will do our best to meet the expectations and trust of companies investing in Saemangeum so that the Saemangeum National Industrial Complex can grow into a hub for the secondary battery industry."