South Korean construction equipment to power plant company Doosan has confirmed that it will invest 32 billion Hungarian Forint ($113.9 million) in a plant in Tatabánya, West Hungary, making battery copper foil, a key component of electric vehicle batteries.
The company will receive a $16.7 million government grant for the project. The plant, which will employ 181 people, will make Doosan the sole supplier of battery copper foil in Europe.
Doosan said that the construction work on the plant will start this year and could wind up during the second half of 2019. The plant will have an annual capacity to make 50,000 tonnes of the product.
The companyʼs market share is expected to expand due to the investment and demand for the plantʼs products to grow dynamically in the coming years.