Gwangyang Economic Zone Authority Conducts Investment Promotion Activities at Korea-China ESS Bilateral Forum

Signing of MOU for ESS Cooperative Project Pilot Complex Development

The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter referred to as Gwangyang Economic Authority) announced that from March 11 to 15, it visited Hangzhou (杭州) and Changsha (長沙), China, to hold the Korea-China Energy Storage System (ESS) Bilateral Forum and to conduct investment attraction activities in the ESS manufacturing sector.

This Korea-China ESS Bilateral Forum was jointly hosted by the Gwangyang Economic Authority, China ESS Industry Association, and Korea ESS Industry Promotion Association during the 14th China International ESS Conference and Exhibition (March 10-13, 2024) under the theme "Joint Entry into the Global ESS Market Utilizing Korea-China Cooperation Models."

Gwangyang Economic Zone Authority, Korea ESS Industry Promotion Association, Chengdu Wuhou Industrial Park in China, and China ESS Industry Association signed a four-party memorandum of understanding to create a pilot complex for ESS cooperation projects between the two countries and jointly enter the global market.
Photo by Gwangyang Economic Zone Authority

At the forum, the Gwangyang Economic Authority introduced recent success cases in the secondary battery component materials and ESS manufacturing sectors in the Gwangyang Bay Area, including POSCO Future M, POSCO HY Clean Metal, Narada Energy, and Intual, emphasizing that the Gwangyang Bay Area is the optimal investment location to develop into a global ESS manufacturing hub.

Additionally, at the forum, the Gwangyang Economic Authority, Korea ESS Industry Promotion Association, Chengdu Wuhu Industrial Park of China, and China ESS Industry Association signed a four-party memorandum of understanding to establish a pilot ESS cooperation complex between the two countries for joint entry into the global market.

During the international ESS exhibition, investment consultations were held with multinational companies manufacturing lithium iron phosphate (LFP) batteries for ESS in China, such as BYD, EVE ENERGY, S-VOLT, and Yingker ESS. After the bilateral forum, a visit to Changsha (長沙), Hunan Province (湖南省) was conducted, where investment consultations were held with two companies, Changwon Licker (lithium iron phosphate cathode material) and CRIMM (secondary battery recycling), eliciting strong interest in investing in the Gwangyang Bay Area.

Song Sang-rak, Commissioner of the Gwangyang Economic Authority, stated that through these investment attraction activities, "The Gwangyang Bay Area is building a full-cycle secondary battery industry by expanding investments in core strategic industries such as cathode materials and battery materials. Alongside this, we are expanding corporate attraction into lithium iron phosphate battery and ESS manufacturing sectors to develop the Gwangyang Bay Area into a global ESS manufacturing industrial complex."