Saturday, April 20, 2024
HomeTransportChinese-owned Huayou Cobalt chooses Hungary for its first EV battery plant in...

Chinese-owned Huayou Cobalt chooses Hungary for its first EV battery plant in Europe

Chinese-owned Huayou Cobalt has announced to set up its very first European plant in Ács, in the country of Komárom-Esztergom, Hungary, the Hungarian Investment Promotion Agency (HIPA) reported.

The gigaproject worth nearly 1.3 billion euros will enable Huayou to produce 100,000 tons of cathode material per year, a key component of electric vehicle batteries. The project is to create 900 new jobs.

“The automotive revolution is speeding forward unstoppable,” commented the Hungarian Minister of Foreign Affairs and Trade, Péter Szijjártó. “And those countries that can take part in this revolution have a long-term guarantee of their economic growth.”

Established in 2002, Huayou Cobalt delivers cutting-edge solutions by dealing with the manufacturing as well as research and development of new generation lithium-ion batteries and new cobalt material. The company that employs over 30,000 people has now decided to expand to Europe and following a HIPA-guided selection procedure, it chose Ács, located in Komárom-Esztergom county, as the location of its new factory.

The investment enriches the local EV ecosystem and further strengthens Hungary’s strategic position in the automotive industry which is reshaped by electrification.

Sign up for our newsletters

    Monthly newsletter – Delivering the most important energy stories of the month selected by our Editor-in-chief
    Weekly Oil&Gas roundup - All major news about the oil and gas industry, LNG developments, the upscaling of new gases and related EU regulations arriving in your mailbox every Monday.
    Weekly Renewables&Climate roundup - All major news about investments in renewable energy sources, environment protection, green hydrogen and new innovative ways to tackle the climate crisis arriving in your mailbox every Tuesday.

    Most Popular