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EnerTech International will build a GIGA Factory in South Africa 291 |
Energy Tech International, a secondary battery manufacturer, will build a battery plant up to 10 gigawatt-hour (GWh) in South Africa. It is aimed at local energy storage (ESS) demand, and about 1 trillion won worth of investment will be made. It is the first time for a Korean company to build a battery plant in Africa. EnerTech International announced on the 9th that it recently signed a $6 million (about 8.2 billion won) feasibility review contract after signing a memorandum of understanding (MOU) with South African companies ASIME and CoEng in March. Through a feasibility review, the site, size, and exact investment cost of the South African battery plant will be determined. The company expects a factory with an annual production capacity of 8-10GWh to be built, given the local demand for lithium-ion batteries. As it usually costs 100 billion won to build a 1GWh factory, up to 1 trillion won in investment is expected. Investor Asime and the South African government will jointly raise funds, and Co-Engineering will be in charge of factory construction and infrastructure construction. Energy Tech International technology is used in the battery production line. "EnerTech International will lead the business in areas other than financing and factory construction," said Yoo Sik-jung, chief product officer (CPO) of EnerTech International. Construction will begin in the second half of the year when the feasibility study, which takes about a year, is completed next year. The goal is to start operation after the completion of the plant in 2027 and mass-produce batteries. Enertech International is working with its South African partners to build a battery plant because of a severe power shortage there. According to the Institute for International Economic Policy, Eskom, the South African power company, produces 24,700 megawatts (MW) of electricity, but its demand is 31,400MW, which is in short supply. South African President Cyril Ramaphosa declared a state of disaster due to the worst power shortage in February last year. Accordingly, South Africa is planning to produce batteries for ESS and respond to power shortages. It is known that the South African government is actively working on building battery factories, and Eskom is also showing its intention to participate in the project. Enertech International is expected to become the first Korean company to establish a battery production line in Africa. The company is building two battery plants with annual production capacity of 4GWh in Moscow and Kaliningrad, Russia, and will expand their operations to South Africa. In Chungju, Korea, the company operates a 500 megawatt hour (MWh) battery plant. "EnerTech International procures most of its facilities from Korean companies, so the construction of local factories will help Korean companies enter the South African market," Yoo said. "We hope that EnerTech International's challenge will have a positive impact on our companies' development in the African market." |
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