Almek Secures 22.5 Billion KRW Contract for Low-Carbon Aluminum Technology Development

Almek, a global electric vehicle aluminum parts specialist, has been finally selected as the developer for low-carbon aluminum technology worth 22.5 billion KRW.

On the 3rd, Almek announced that it was finally chosen for the 2024 Materials and Components Technology Development Project_Package Type, led by the Ministry of Trade, Industry and Energy, and will undertake the "technology development to recycle used scrap into primary-grade aluminum alloy materials."

The project period is about five years, from 2024 to 2028, with 17.7 billion KRW of the total budget funded by government support.

This national project, driven by the government's low-carbon policy, consists of a general management part and three detailed sub-projects, with a total of 12 institutions conducting research and tasks.

All sub-projects will be carried out under the direct and indirect development and management of Almek, the general project leader. Almek plans to commercialize scrap recycling in the future and aims to overcome the EU Carbon Border Adjustment Mechanism (CBAM) carbon neutrality barrier through this national project research and development.

In particular, since Hyundai Motor Company is scheduled to be the demand company for this national project, the possibility of commercialization is considered very high. An Almek official stated, "This large-scale national project not only adds 'low-carbon' competitiveness to our existing business by commercializing aluminum alloys using recycled materials but also enables simultaneous progress in cost reduction effects and a new business of low-carbon aluminum."

Meanwhile, Almek said, "Following the preliminary determination of 0% in the US aluminum extrusion dumping investigation in early May, which signaled a green light for expanding exports to the US, this national project is expected to help overcome Europe's carbon barriers and expand export shares to the European market."

Almek's main business focuses on electric vehicle-specific products, developing and producing secondary battery module cases, battery pack frames, electric vehicle platform frames, and related parts.