Huayou Cobalt is creating 900 new jobs with a giga-investment of around HUF 520 billion (EUR 1.4 billion). The Chinese company’s first European plant in Ács will produce cathode material for electric batteries.
The Hungarian government is supporting the development, but the exact amount of which will not be known until the European Commission has given its approval. Huayou Cobalt delivers cutting-edge solutions to Hungary and launching training programmes for workers. The high-tech company specialises in the development and production of lithium-ion batteries and new cobalt materials.
Huayou Cobalt is giving priority to the Ács project, which is scheduled to start production in 2026. With the support of the Hungarian government, a sustainable greenfield production facility with a production capacity of 100 000 tonnes per year will be built to meet the needs of battery manufacturers such as CATL, AESC, EVE Power and LGES. The finished products will be used in electric vehicles for BMW, Volkswagen and other European car manufacturers.