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Europe approves $230M for EV battery plant in Hungary

Factory planned to have annual capacity of 30 gigawatt hours

The European Commission on Tuesday announced that it has approved €209 million ($230 million) in aid for Hungary for the construction of an electric vehicle (EVs) battery plant.

The investment will support the construction of a battery cell manufacturing plant in Hungary’s Kozep-Dunantul region by the South Korean conglomerate SK Group.

The EV factory, which will manufacture lithium-ion battery cells and battery modules for electric vehicles, is planned to have an annual capacity of 30 gigawatt hours,the European Commission said in a statement.

SK Group’s total investment in the project is estimated as €1.6 billion ($1.76 billion), it added.

Source
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