Lotte Energy Materials' investment in Catalonia for elecfoil production could hit 1,200 million euros

Business Investments

14 Sep 2023

The industrial investment by the Korean company would involve constructing and operating up to three plants for producing copper sheets (elecfoil) and creating at least 600 direct jobs.

The industrial investment that Lotte Energy Materials (the company that acquired Iljin Materials) will make in Mont-Roig del Camp (Catalonia) to produce copper foil (elecfoil), an essential component in the manufacture of electric batteries, could reach 1,200 million euros, which would double the initial investment announced in Seoul back in May 2022, by the Minister of Business and Labour, Roger Torrent, and the Mayor of Mont-Roig del Camp, Fran Morancho.

This investment is for constructing up to three elecfoil manufacturing plants in Catalonia, an industrial project that will be developed in phases. The first phase involves an initial investment of almost 400 million euros to construct the first plant. This first plant, located in the town of Baix Camp, is expected to be operational in 2025, with an annual production capacity of 30,000 tons of elecfoil and the creation of 200 jobs.

“Lotte's commitment to our region will allow us to consolidate Catalonia as a reference area in the mobility industry in Southern Europe”

Roger Torrent, Minister of Business and Labour of Catalonia

The construction of the other two plants, which will also represent an investment of approximately 400 million euros each, will be subject to the execution of the specific schedule of the first plant. The commissioning of each plant will also entail the creation of 400 additional jobs, 200 for each planned plant. In total, the development of the whole project would imply the creation of at least 600 jobs. This is stated in the Urban Development Agreement to be approved by the City Council today.

The Minister of Business and Labour, Roger Torrent, emphasizes that projects such as the one that Lotte Energy Materials wants to develop in Catalonia "are fully in line with one of the priorities of this Government, which is the reindustrialization of Catalonia with projects of high strategic value, generators of quality jobs and a far-reaching impact". In this sense, Torrent considers that "Lotte's commitment to Catalonia, which implies a forecast of investments and jobs higher than initially announced, will allow us to consolidate ourselves as a reference area in the mobility industry in Southern Europe".

The mayor of Mont-Roig del Camp, Fran Morancho, on the other hand, considers this agreement "the first major administrative step in the realization of a project that was announced some time ago and that has been concretized and improved after a year of negotiations. The expectations regarding the number of stores and jobs are more important than those foreseen when the investment was announced a year ago. We could not be more satisfied".

The agreement also states that the Lotte Energy Materials project will occupy 441,400 square meters in the Comellarets Industrial Park.

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