Korean firm Panax Etec has finished building its second lithium-ion electrolyte manufacturing plant in Tianjin, China, according to Korean media.
The company plans to produce around 10,000 tons of electrolyte at the new plant by 2021 to take advantage of ‘Europe’s growing secondary battery market’.
Through the 29,000m2 plant, Panax plans to deal with Chinese battery manufacturers and Samsung SDI’s plants in Tianjin and Xi’an, China, reported the Korea Times.
The plant has an automated system that can handle electrochemical processes from adding solvent, purifying, stirring, and packaging.
Fellow Korean company Dongwha Enterprise bought a 90% share of Panax in August after paying 117.9 billion won ($97 million) to the firm’s largest stakeholder, a consortium led by private equity fund JKL Partners.
At the time of the sale, Lee Si-joon, managing director of Dongwha Enterprise, said in a statement: “Panax Etec is taking the lead in Korea in terms of research and development capability for electrolyte production. The company won’t face concerns about its reliance on Japanese technology for its production.”
Panax Etec operates production facilities in Korea, Malaysia and China.