Samsung SDI to Invest 1 Trillion Won in Ulsan for Anode Material Production

On the afternoon of the 24th, at the Ulsan City Hall mayor's office, Ulsan Mayor Kim Doo-gyeom (sixth from the left) and Samsung SDI CEO Choi Yoon-ho (fifth from the left) signed a Memorandum of Understanding on industrial complex development and battery-related production plant investment, followed by a commemorative photo with officials. Photo by Ulsan City

Samsung SDI is making an investment worth over 1 trillion KRW for the development of an industrial complex and a battery production plant in Ulsan.

According to industry sources on the 25th, Samsung SDI signed a Memorandum of Understanding (MOU) for 'Industrial Complex Development and Battery-related Production Plant Investment' yesterday afternoon at the mayor's office in the city hall. The signing ceremony was attended by Kim Doo-gyeom, Mayor of Ulsan, Choi Yoon-ho, CEO of Samsung SDI, related officials, and executives.

According to the MOU, Samsung SDI will develop Section 3 within the Ulsan High-Tech Valley industrial complex and construct production plants related to cathode materials and batteries. Additionally, the company will cooperate to create jobs and revitalize the economy by prioritizing the employment of Ulsan citizens when investing in production facilities and hiring personnel for future factory operations. Furthermore, Samsung SDI promised to build infrastructure such as roads, parks, and green spaces to improve the investment environment and local living conditions, and then donate these facilities.

Samsung SDI is expected to produce cathode materials through STM, a wholly owned subsidiary located in Ulsan. Established in 2011, STM is a company engaged in the manufacturing, processing, sales, and services of secondary battery materials, including cathode materials.

CEO Choi Yoon-ho stated, "Samsung SDI has created an opportunity to strengthen its global market dominance in the battery sector," adding, "We will strive to supply products with the highest safety and quality by proactively applying advanced production technologies and core processes."

Mayor Kim Doo-gyeom said, "With this investment attraction, Ulsan will have both the largest future car production plant and the largest battery production plant in Korea," and added, "We will focus administrative efforts on supporting companies so that the city can become an ecosystem for the entire secondary battery industry cycle."