Iljin Materials attracts $19 million to build electric foil plant in Spain

By Lim Chang-won Posted : November 14, 2022, 11:02 Updated : November 14, 2022, 11:02

[Courtesy of Iljin Materials]

SEOUL -- Iljin Materials, the producer of core materials for lithium batteries in South Korea, has attracted 25 billion won ($19 million) from Spain's state fund that would be used for establishing an electric foil plant with an annual production capacity of 30,000 tons by 2024 in Catalonia.

Iljin said it would secure a site for the potential expansion of its production in Spain to meet customer demand. "This investment will be very helpful in building a competitive production base in Europe, a key market for eco-friendly electric vehicles," CEO Yang Jeom-sik said in a statement on November 14, suggesting his company would seek to attract local government subsidies in 2023.

The money raised by Iljin is part of Spain's PERTE funding program aimed at fostering eco-friendly strategic industries. Iljin has been included in a consortium led by Volkswagen to build Spain as a European electric vehicle hub.  

At factories in South Korea and Malaysia, Iljin is capable of producing some 60,000 tons of thin copper foils. In October 2022, Lotte Chemical, a major chemical company based in South Korea, acquired a controlling 53.3 percent stake in Iljin for 2.7 trillion won to accelerate the overseas expansion of its battery material business.

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