Yongin City Signs Investment MOU with IrenTech Returning from China

900 Billion Investment in Wanjang Industrial Complex... Battery Pack Facility Installation
Mayor Lee Sang-il "Expected to Greatly Contribute to Yongin Region's Economy"

Elantech Co., Ltd., a battery pack manufacturer returning from China, will invest 90 billion KRW to establish a new production line in Yongin, Gyeonggi Province.

Yongin City announced on the 9th that it signed a Memorandum of Understanding (MOU) with Elantech in the mayor's office on the 8th. Established in 1978, Elantech is a specialized company in battery packs and electronic cigarettes. Including its Korean headquarters, it has nine subsidiaries in five countries and recorded sales of 751.1 billion KRW and an operating profit of 21.1 billion KRW last year on a consolidated basis.

Lee Sang-il, Mayor of Yongin (left), and Lee Se-yong, Chairman of Elantec, are holding a memorandum of understanding for investment.
[Photo by Yongin City]

This MOU signing aims for both parties to cooperate for Elantech's successful domestic return investment.

After withdrawing from Suining, China, Elantech has been constructing a factory since May last year on a 41,992㎡ industrial site in Wanjang General Industrial Complex, Namsa-eup, Cheoin-gu, Yongin City. The company plans to install battery pack production facilities for home energy storage systems (ESS) in the new factory and hire 79 new employees.

To this end, Elantech will invest more than 90 billion KRW in the Wanjang factory and actively cooperate in revitalizing the local economy by prioritizing the selection of Yongin residents when hiring new employees.

The city plans to do its best to provide administrative support, including guiding various investment incentives according to Yongin City ordinances related to the "Act on Support for Domestic Return of Overseas Expansion Companies," to ensure Elantech successfully settles in Yongin and can conduct smooth business activities.

Lee Sang-il, mayor of Yongin, said, "Elantech's settlement in Yongin can greatly contribute to the local economy," and added, "We will establish a close cooperation system to help the company achieve its goals." Lee Se-yong, chairman of Elantech, responded, "We will do our best to create jobs through corporate activities for the semiconductor industry and contribute to the development of the local community."