Chinese-owned Huayou Cobalt has announced to set up its very first European plant in Ács, Komárom-Esztergom county, Hungary. As a result of the almost EUR 1.3 billion investment, substantial cathode material production capacities will be created for electric vehicles.
The project that will receive Hungarian government support, the amount of which is to be made public as soon as the European Commission gives its approval, promises to create 900 new jobs.
Established in 2002, Huayou Cobalt delivers cutting-edge solutions by dealing with the manufacturing as well as research and development of new generation lithium-ion batteries and new cobalt material. The company that employs over 30,000 people has now decided to expand to Europe, and following a HIPA-guided selection procedure it chose Ács, located in Komárom-Esztergom county, as the location of its new factory.
The gigaproject worth nearly EUR 1.3 billion will enable Huayou to produce 100,000 tons of cathode material per year, a key component of EV batteries. The plant will employ 900 workers.
The investment enriches the local EV ecosystem and further strengthens Hungary’s strategic position in the automotive industry that is reshaped by electrification.
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