Inzi Controls, a South Korean automotive company, is to build an electric vehicles battery plant in Hungary.
The company will build the plant in the city of Komárom, backed by a HUF1.6 billion (US$5.6 million) grant from Hungary’s government, foreign affairs and trade minister Peter Szijjarto (pictured) confirmed.
Inzi is investing the equivalent of $51.6m in the project, which is expected to create more than 120 jobs in the northwest of the country.
Inzi did not give details of the project, but the new plant will reportedly focus on lithium battery technology and could be ready to start operations in 2020.
The move makes Inzi the latest in a series of Asian battery manufacturers to establish a production base in Hungary including SK Innovation, Samsung SDI and GS Yuasa.
GS Yuasa said last year its new 140,000 square metre plant in the city of Miskolcz, also in the northeast, would assemble lithium-ion batteries for electric vehicles using cells made in Japan for SLI applications in the European market.
Hungary has said previously it wants to encourage “high-tech companies to bring the latest technologies” to the country.