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Japanese battery supplier’s new plant to boost Hungary’s EV industry

The new plant of manufacturing company Toyo Ink Hungary has been inaugurated in Újhartyán, Pest County, where CNT dispersion for lithium-ion batteries will be produced.

The 7 billion Hungarian forints (approximately 16.9 million euros) investment creating 45 jobs marks a key milestone in the business strategy of the Japanese-owned company as it is planning to further expand due to rising global demand for EVs. In the newly inaugurated facility, Lioaccum CNT dispersion will be produced that helps cut manufacturing costs and reduce the cell space of batteries which then allows the insertion of active materials to boost battery capacity and performance.

The Hungarian operation is of strategic importance for the Group which is showcased by its ambitious plans. An equivalent of some 30 billion Hungarian forints (approximately 72.5 million euros) will be invested up till 2026 around the world, among others in Hungary, to strengthen Toyo Ink’s global CNT dispersions production network and ensure reliable global supply.

Up till the opening in Hungary, Toyo Ink’s key customer, leading battery manufacturer SK On had been supplied from the American subsidiary of the Group located in Georgia. Now the plant in Újhartyán will play a crucial role in taking over supplying SK On’s European plants in line with surging demand for EVs.

As Yoshiharu Ono, managing director of the new plant pointed out, Toyo Ink Group’s activities are consistent with Hungarian policy to accumulate and promote EV technology in Hungary and, with their current and future investments, they can contribute to Hungary and the region in this regard.

“In recent years, the shift toward EVs is accelerating rapidly due to the global trend toward decarbonisation and many automakers have announced plans to sell only EVs by 2025 to mid-2030s,” explained Mr Ono. “Li-ion batteries are the most common battery type used in modern electric vehicles due to their higher energy capacity. As such, li-ion battery demand is expected to rise in line with the growing global popularity of EVs.”

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