Gwangyang Free Economic Zone Authority Discusses Investment Plans with Narada Energy

Inviting Park Songcheol, CEO of Narada Energy Korea,
to Discuss Investment Plans for a Container-Type ESS Factory
at Yulchon Industrial Complex

Gwangyang Bay Area Free Economic Zone Authority (Commissioner Koo Choongon, hereinafter referred to as Gwangyang FEZ Authority) announced on the 12th that it had invited Park Songcheol, CEO of Narada Energy Korea, on the 11th to discuss investment plans for a container-type Energy Storage System (ESS) within the Yulchon Industrial Complex.

Narada Energy, established in 1994, is a leading Chinese ESS company with annual sales of 3 trillion KRW. The company specializes in lithium battery manufacturing, energy storage systems, and recycling businesses. Notably, it completed a $50 million Foreign Direct Investment (FDI) declaration at the end of last year and plans to begin full-scale investment in the first half of this year.

From the left in the photo: Yang Kwangsik, Head of Overseas Marketing, Lim Mankyu, Head of Strategic Industry Department, Park Songcheol, CEO of Narada Energy Korea, Koo Choonggon, Commissioner of Gwangyang Free Economic Zone Authority, Heo Jinyeong, Chief Sales Officer of Narada Energy, Kim Jungwan, Head of Investment Promotion Headquarters. Provided by Gwangyang Free Economic Zone Authority

Gwangyang Bay Area was designated as a "Secondary Battery Opportunity Development Zone" by the Ministry of Trade, Industry and Energy in June last year. When Narada Energy begins full-scale operations, it is expected to receive various incentives, including corporate tax reductions and tax credits for research and development investments.

Park Songcheol, CEO of Narada Energy, stated, "We appreciate the administrative support from the Gwangyang Bay Area Free Economic Zone Authority, including changes to the implementation plan," and added, "We will do our best to proceed with the investment as quickly as possible."

In response, Koo Choongon, Commissioner of Gwangyang FEZ Authority, said, "We expect this investment to serve as an opportunity to realize our vision of establishing a global ESS export manufacturing base, securing new growth engines, and revitalizing the local economy. We will actively support the construction of the production plant and company operations to ensure there are no inconveniences."