EcoPro Group is set to secure nickel for 1.5 million electric vehicles through its investment in an Indonesian nickel refinery.
On July 12, EcoProBM announced that it held an investor relations (IR) meeting from July 3 to 10 for domestic and international institutional investors. During the IR, EcoProBM outlined the details and background of its ongoing capital increase, funding purposes, and specific usage plans.
In response to the Indonesian government's restrictions on new nickel refinery permits, EcoProBM plans to proactively invest through a capital increase to acquire a stake in the BNSI refinery, maximizing its ability to respond to offshore regulations.
The nickel produced at the BNSI refinery in Indonesia is classified as 'Non-PFE' material, meeting the guidelines of foreign environmental organizations (FEOC).
Following its first-phase investment in the IMIP project in Indonesia, EcoPro Group is expanding its nickel supply chain with a second-phase investment in the BNSI refinery. The BNSI refinery, currently under construction in Sulawesi, Indonesia, is a joint venture with global companies, including Indonesia's state mining firm PTVI (PT Vale Indonesia), with EcoProBM leading the project as the major shareholder.
Over the past four years, EcoPro Group has invested approximately 800 billion won in the first-phase project, securing 29,000 tons of nickel annually. With an additional investment of 1.5 trillion won in the second phase, the company aims to secure an additional 36,000 tons, bringing its total nickel supply rights to 65,000 tons. This amount is sufficient to produce about 1.5 million electric vehicles.
Nickel is a key raw material for NCM and NCMA batteries, and higher nickel content increases energy density and driving range, making it a strategic mineral that influences electric vehicle performance. As the global battery industry expands its use of high-nickel cathodes for high-performance electric vehicles, securing a stable nickel supply has become a critical factor for corporate competitiveness.
Choi Moon-ho, CEO of EcoProBM, stated, "The current global battery industry is in an era where resource security and the ability to respond to trade regulations determine a company's survival. We will secure a leading position in the global NCM battery market by organically combining Indonesian nickel materials that fully comply with U.S. and European regulations with our production base in Hungary."
* This article has been translated by AI.
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