Another milestone in e-mobility – another investment in Hungary - VIDEO REPORT

Another milestone in e-mobility – another investment in Hungary - VIDEO REPORT

Jongwoo Kim, President of Doosan Corporation Europe & Doosan Energy Solutions

Doosan, with its headquarters in South Korea, opted for Hungary as the location of its new plant. The investment, worth almost EUR 100 million, is expected to create 181 new jobs in the Tatabánya Industrial Park. The factory to be completed in H2 2019 is planned to produce around 50 thousand tonnes of red copper foil, on a yearly basis, which is estimated to be enough for the batteries of some 2.2 million electric cars.

The company's presence in around 40 countries underlines the Group's market potential. Building on a corporate history of over 120 years, its turnover approximated USD 16 billion in 2017. Providing work to some 37,900 people across the globe, Doosan is active in several economic fields, from the building industry to electronics.

The new investment will now enable the company to strengthen its electronic branch. Currently it has production plants in 7 countries in the field, relying on the expertise of some 2,030 employees. The company's clients, which number 137, come from 21 countries, while its partners include Samsung, Apple, Huawei, Intel, SK Innovation, Cisco, Nokia and Facebook. Opening up to additional solutions, Doosan's latest endeavours focus on the automotive industry and 5G.

Through this Hungarian investment Doosan may become the sole supplier of copper foil in Europe, which may as well allow the company to later achieve its growth ambitions in the US and China from a pole position.

Hungary has seen a number of electromobility-related investments recently. Samsung SDI opened its battery factory in Göd last year, while this March SK Innovation announced to build a battery cell plant in Komárom. Production was started in the battery component unit of the South Korea based company of Shinheung this spring, and this was also the time to celebrate the laying of the foundation stone for the lithium-ion battery production plant of the Japanese firm GS Yuasa in Miskolc.

The past decades have welcomed thriving economic relations with South Korea, making the Asian country become the 12th most important investor in Hungary. The significance of these connections cannot but be further strengthened by the fact that two Korean companies (Hankook and Samsung) have already become strategic partners to the Hungarian Government.