Samsung SDI received 120 billion won in EU funding

Samsung SDI received 120 billion won in EU funding: COMPANY / Reporter Paul Lee / 2023-03-03 08:09:58

This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology

삼성SDI 경기도 용인시 기흥 본사 (사진=삼성SDI)

[Alpha Biz=(Chicago) Reporter Paul Lee] Samsung SDI's Hungarian battery plant will receive 89.6 million euros (about 120 billion won) in aid from the European Union. The completion of the local battery plant boosted the local economy and created jobs. Analysts say Samsung SDI has secured funds to invest further in its Hungarian plant.

The European Commission announced on the 28th of last month that it would approve the local government's request for funding for the Samsung SDI Hungarian plant. The funding for Hungary's first plant, which was completed in the second half of 2019, came in more than three years. It is also expected that subsidies will be paid to the second plant in Hungary, which Samsung SDI launched in earnest earlier this year.

Samsung SDI is supplying different types of batteries to European electric vehicles such as BMW, Volkswagen and Stellantis at its Hungarian plant, and delivery requests from these companies are reportedly increasing recently.