(Photo = Ecopro)

 

[Alpha Biz=(Chicago) Reporter Kim Jisun] Ecopro is increasing its investment to secure nickel, a key mineral for secondary batteries.

Ecopro said it recently invested about $11 million to acquire a 9% stake in "Green Eco Nickel," a nickel refinery operated by China's GEM in Indonesia.

Green Eco Nickel, located on the Indonesian island of Sulawesi, is a smelter that produces about 20,000 tons of nickel a year. Indonesia is considered to have the largest nickel reserves and production in the world.

With this contract, Ecopro has secured additional nickel equivalent to its investment stake. Ecopro also plans to gradually increase its stake in Green Eco Nickel to cope with the US Inflation Reduction Act (IRA).

Ecopromaterials aims to produce about 200,000 tons of precursor by 2027. Internally, Ecopro predicts that about 100,000 tons of nickel should be secured stably for this purpose.

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