Lotte Energy Materials plans to increase investment in Sarawak

SEOUL: Lotte Energy Materials plans to increase their investment in Sarawak, initially estimated at RM1.2 billion, with the possibility of an additional re-investment of RM2.5 billion.

The matter was highlighted during a meeting on Tuesday in Seoul, South Korea between Lotte Energy Materials and a delegation from Sarawak led by Deputy Premier Datuk Amar Awang Tengah Ali Hasan.

According to its senior vice-president Park Ingoo, despite the global uncertainty, the company has plans to expand their business in Sarawak, making Sarawak the key hub to produce cutting-edge battery materials.

“The expansion of the facility is expected to generate more than 200 new jobs, which will foster industrial growth and contribute to the local economy,” he said.

The said project also reflects their commitment and dedication to support regional development and create new economic opportunities.

Lotte Energy Materials is a leading provider of advanced battery materials.

The company has established its first overseas factory in Samajaya Free Industrial Zone, Kuching, to manufacture Elecfoil.  Elecfoil is widely used in electric vehicles and energy storage systems.

Meanwhile, Awang Tengah also led a Sarawak delegation for a meeting with KH Shinhwa.

Shane Kang from KH Shinhwa SnC expressed their interest to explore collaborative business and investment opportunities with Sarawak Energy Berhad (SEB) in electricity safety enhancement projects, including investment in new technology and solutions for power generation.

KH Shinhwa is currently collaborating with SEB on a hybrid microgrid solar solution project worth USD7 million of investment.

The outcome of the project is expected to provide alternative sustainable energy solutions and set a new benchmark in renewable energy technology.