KRW401bn Granted for Battery Plants in Hungary

Chey Tae-won (far left), chairman of SK Group who concurrently heads the Korea Chamber of Commerce and Industry, talks with Peter Szijjarto (far right), Hungarian minister of foreign affairs and trade, in Budapest, Hungary, on Nov. 3, 2021.  

The Hungarian government recently decided to give SK On a subsidy of 401.5 billion won. According to the government, it is the largest greenfield investment subsidy in its history.

Specifically, 292.4 billion won and 109.1 billion won will go to SK On’s plants in Ivancsa and Komarom, respectively.

The Hungarian government is expecting that thousands of jobs will be created at the plants. SK On also promised to create as many jobs as possible. In June last year, the government decided to invest 191.5 billion won for infrastructure construction in Ivancsa.

SK On built two plants in Komarom and their capacity is 17.3 GWh. Its plant construction in Ivancsa started early this year to increase the capacity by 30 GWh.

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