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Pohang City Secures Leading Position in Next-Generation Battery Technology Vanadium Redox Flow Battery Electrolyte Business Attracts Investment 상세내용
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- Pohang City Secures Leading Position in Next-Generation Battery Technology Vanadium Redox Flow Battery Electrolyte Business Attracts Investment
- 등록일2024-07-29 00:00:00
- 작성자 Investment [☎0548804630]
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- UNICOH Specialty Chemicals partners with Australia’s AVESS Energy and establishes UNICOH ESS
- A KRW 9.3 billion business investment in next-generation secondary battery electrolytes—free from fire and explosion risks—in Pohang’s Yeongil Bay Industrial Complex Foreign Investment Zone
Gyeongsangbuk-do Province and Pohang City signed a memorandum of erstanding (MOU) for investment with UNICOH Specialty Chemicals Co., Ltd. (UNICOH), Australia’s AVESS Energy, and UNICOH ESS Co., Ltd. (UNICOH ESS) on the 29th at the Pohang City Hall conference room.
The event was attended by approximately 20 representatives, including Lee Nam-auk, Head of Gyeongsangbuk-do New Consolidated Airport Investment Headquarters; Jang Sang-gil, Deputy Mayor of Pohang City; Lee Jae-jin, Vice-Chairman of Pohang City Council; Dane Richmond, Austrade Trade and Investment Commissioner; Song Bang-cha-rang, CEO of UNICOH; Young Yu, CEO of AVESS Energy; and Lee Yong-jin, CEO of UNICOH ESS.
UNICOH ESS, a joint venture established by UNICOH and Australia’s AVESS Energy, plans to invest KRW 9.3 billion to build a vanadium redox flow battery (VRFB) electrolyte manufacturing plant on a 24,235–square meter (approximately 7,300 pyeong) site in Pohang’s Yeongil Bay Industrial Complex Foreign Investment Zone, creating 60 new jobs.
UNICOH ESS has secured KRW 3.7 billion in investment from AVESS Energy, a VRFB energy storage solution company, to secure operating fs while also investing in Australian mining companies to ensure a stable supply chain for vanadium.
VRFBs use a liquid electrolyte primarily composed of water, making them virtually free from fire and explosion risks even when the battery is damaged. They also have a longer lifespan than conventional lithium-ion batteries, lasting up to 20 years, and are recyclable, making them an environmentally friendly next-generation battery. VRFBs are capable of large-scale energy storage and are expected to be used in applications such as marine energy storage systems (ESSs). Through this investment, UNICOH ESS targets not only the domestic market but also the global market.
UNICOH, foed in 1976 as a supplier of water treatment products for POSCO’s cooling water, has since ed on producing various chemical products such as rust removers and surface treatment chemicals for steel plates and corrosion inhibitors for oil pipelines. Recently, the company has been expanding into new areas, including specialized industrial adhesives, heat-dissipating graphite sheets for displays, films for manufacturing, and vanadium battery electrolytes.
In 2018, UNICOH was ed as a “World Class 300” enterprise by the Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of SMEs and Startups (MSS). In June 2024, it was named as Pohang City’s Long-Standing Company for 2024, solidifying its position as a leading local enterprise in Pohang.
Jang Sang-gil, Deputy Mayor of Pohang City, stated, “UNICOH ESS’s investment in the VRFB electrolyte business will be a new turning point for the development of Pohang City’s battery industry. We hope that UNICOH’s new challenge will serve as a catalyst for local SMEs in Pohang to enter the global market, and Pohang City promises to provide unwavering support.”
Lee Nam-auk, Head of Gyeongsangbuk-do New Consolidated Airport Investment Headquarters, said, “This investment is significant in enhancing competitiveness in the global energy market and establishing a stable supply system for vanadium electrolytes to produce vanadium batteries, which are next-generation energy storage devices. We will take the lead in economic development and job creation by fostering future energy industries to create new growth engines for the local economy.
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