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South Korea’s Samsung SDI says will inject $900 million into Hungary battery plant

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A rendering of the Samsung SDI battery plant in Goed, Hungary. Samsung SDI

South Korea’s Samsung SDI says will inject $900 million into Hungary battery plant

South Korea’s Samsung SDI on February 23 said it will inject one trillion won ($900 million) into its battery plant in Goed, 30km north of Budapest, Hungary.

In a regulatory filing, the battery maker said its European subsidiary Samsung SDI Hungary issued rights worth 403.8 billion won. Samsung SDI will also guarantee debt worth 538.4 billion won for the subsidiary, the company said.

Samsung SDI explained that the rights offering is intended to shore up funds for expansion, including the construction of the second battery factory in Hungary. The company added that the debt guarantee has investment purposes.

Samsung SDI has battery cell factories in South Korea, China and Hungary. Though the company has never disclosed its official annual production capacity, it is estimated at 30GW, as of last year.

THE KOREA HERALD/ASIA NEWS NETWORK

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