POSCO Chemical, part of Korea’s steel giant POSCO, announced that it will expand to a 4th battery cathode plant in Gwangyang, Jeollanamdo in order to meet the huge demands in the electric vehicle (EV) battery market.
POSCO Chemical is one of the main tenant companies of the Main Industrial Complexes in Gwangyang Bay Area. Since 2019 it has been expanding its EV-battery-plants from originally 5,000-ton capacity. The 4th expansion will bring the capacity up to 100,000 tons.
The company will invest about 250 million US dollar in this project and expects the new plant to be operational by 2023. The expansion is part of POSCO’s new brand “e Autopos” which will produce exclusively steel parts and batteries for electric vehicles.
This expansion proves once again that Jeollanamdo plays a crucial part in Korea’s response to climate change and Korea’s growing Blue Economy.