Battery Materials Investment in Indonesia Finalized by EcoPro
South Korean cathode materials producer, EcoPro, has completed a significant investment of KRW 700 billion (US$ 502 million) in four nickel smelters on the Indonesian island of Sulawesi. This investment marks EcoPro's entry into the smelting industry, in addition to its existing cathode materials business.
The first phase of this investment, which has been under construction since 2023, is now complete. The four smelters are located in the Morowali Industrial Park in Sulawesi. This new venture diversifies EcoPro's business portfolio beyond secondary battery manufacturing, venturing into the production of mixed hydroxide precipitate (MHP).
MHP is a nickel intermediate that is cheaper to produce than refined nickel and also contains cobalt, a key ingredient in nickel-cobalt-manganese (NCM) battery precursors. The 28,500 tons of MHP produced annually are sufficient for around 600,000 electric vehicles (EVs).
EcoPro's CEO, Song Ho-jun, stated that the Indonesian project will provide a more stable revenue structure. Moreover, the company hopes to cut the cost of producing high-nickel NCM cathodes by up to 30% with its Indonesian investments.
The second phase of EcoPro's investment in Sulawesi, the International Green Industrial Park project in Sambalagi, is scheduled to begin later this year. EcoPro is working in partnership with LG Energy Solution and Endeavour for this phase, and they are jointly responsible for the construction of additional smelters, production sites for precursors, cathodes, and battery cells.
Furthermore, EcoPro is planning to collaborate with mining company PT Vale Indonesia for the second-phase investment, which includes plans to build additional smelters.
This investment secures a stable supply of 28,500 tons of MHP per year for EcoPro. The company's entry into the smelting business is expected to contribute to a more diversified business portfolio. The Indonesian project will also help EcoPro showcase its achievements and elevate its industry profile.
For companies aiming to showcase their achievements and stand out in the industry, the Just Auto Excellence Awards provide an excellent opportunity. By entering these awards, companies can position themselves among top leaders driving automotive industry advancements. The Just Auto Excellence Awards celebrate innovation, leadership, and impact in the automotive industry.
Read also:
- VinFast Accelerates Globally, Leveraging Vingroup's Technological and Financial Foundation
- Transformation of Decarbonization Objectives in the Iron Ore Pellets Sector
- Anticipated European Energy Requirements for Battery Cell Manufacturing Predicted by Scientists
- Affordable, Multifunctional Storage Solution for Small-Scale Power Plants: Marstek Jupiter C Plus, Offering Energy Storage below 220 € per Kilowatt-hour, Now Available with a 100 € Discount for Each Set.
