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On July 1, South Korean battery cathode manufacturer EcoPro BM has secured approximately $868 million (US) in funding from the country’s official Export Credit Agency to accelerate the construction of its cathode materials plant in Debrecen, Hungary. EcoPro BM announced on June 30 that the financing was arranged through a contract signed by EcoPro BM Hungary, with the Korea Export-Import Bank and the Korea Trade Insurance Corporation. This marks a milestone as it is the first time a South Korean cathode material company has received ECA funding in the trillion-won range for overseas local investments.

The funding package includes $180 million in guarantees and $250 million in direct loans from the Korea Export-Import Bank, with the remaining $430 million provided by the Korea Trade Insurance Corporation.

Last April, EcoPro broke ground on a 108,000-ton annual capacity cathode materials plant in Hungary, with an expected investment of $1.28 billion. The company anticipates that the plant will commence large-scale production in the first half of 2025, and its capacity will be enough to meet the demand for electric vehicles totaling 1.35 million units per year.

Source: WeChat Official Account—鑫椤锂电

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