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For Ecopro’s first overseas plant, the facility will use the company’s pioneer nickel-based cathode technology and is expected to have an annual capacity of 108,000 tonnes of cathode material for electric vehicle (EV) lithium-ion batteries.
The $801.69 million project was originally announced in December 2021 and all the necessary permissions have been granted.
Debrecen is becoming an attractive e-mobility technology hotspot, with a number of companies committing to investments in the area related to the unfolding energy transition and the EU propelling the development of localized supply chains to reach its e-mobility goals over the next decade.
The city is centrally located in Europe, in proximity to a number of car manufacturers’ plants, such as Mercedes-Benz, BMW, Stellantis and Volkswagen.
In August 2022, Chinese battery maker Contemporary Amperex Technology Co., Limited (CATL) announced it will invest $8.08 billion to build a 100 GWh battery plant in Debrecen, following its first battery plant in Europe, located in Germany.
In June 2022, construction works also started for BMW’s $1.1 billion EV plant in Debrecen, due to become operational in 2025.
One factor supporting hefty investments in the Hungarian e-mobility ecosystem is one of the lowest taxes on labor, Péter Szijjártó, Hungary’s Minister of Foreign Affairs and Trade, said in a speech last year.
More than 10 million EVs were sold worldwide in 2022, IEA data showed and sales are expected to grow by another 35% in 2023 to reach 14 million units.
This sustained growth means EVs’ share of the overall car market has risen from around 4% in 2020 to 14% in 2022, and is set to increase to 18% this year, based on the latest IEA projections.
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