Kwak Yeon-soo is a digital editor at The Korea Times creating, editing and curating digital content for the newspaper’s website, mobile app and social media. She previously covered a diverse array of cultural, political and business topics.
Dongwha completes 2nd electrolyte plant in China
An overview of Dongwha ETEC's second factory in China / Courtesy of Dongwha Enterprise
By Kwak Yeon-soo
By Kwak Yeon-soo
Dongwha ETEC has completed construction of its second electrolyte manufacturing plant in Tianjin, China, the company said Monday.
The company plans to double the annual output from the current 10,000 tons to 21,300 tons in 2021 and diversify its client base, which includes Samsung SDI.
It is also looking to enter the European market to position itself in the fast-growing secondary battery market.
The electrolyte is considered one of the four key materials of a secondary battery. It is predicted that the global secondary battery market will grow from 30 trillion won ($25 billion) currently to 120 trillion won by 2025 due to increased demand for electric vehicles and energy storage systems (ESS).
“The completion of the new plant will provide a new sustainable growth momentum for Dongwha, which is expanding its portfolio into the chemical business,” the company official said.
The completion of the second plant in China comes just a month after Dongwha Enterprise acquired battery electrolyte maker Panax Etec.
It bought an 89.63 percent stake in Panax Etec after paying 117.9 billion won ($97.1 million) to the firm's largest stakeholder, a consortium led by private equity fund JKL Partners.
The opening ceremony for the second electrolyte manufacturing plant was held in Nangang Industrial Zone, Tianjin, north China, Friday.
The plant, which covers 29,700 square meters, has an automated system that can handle electrochemical processes from adding solvent, purifying, stirring, and packaging.
The company invested 24.5 billion won in the establishment of the manufacturing plant.
“The secondary battery market will become a promising market in the future,” Dongwha Group Chairman Seung Myung-ho said during an opening ceremony for the second Chinese plant.
“We will continue to strengthen our research and development team and invest in creating opportunities for our staff to grow with the company.”