Europe’s largest battery plant in Hungary is being planned by SK Innovation. The project requires an estimated capital expenditure of $2.3 billion and is scheduled for completion in 2028.
The proposed battery plant is set to be located in Ivancsa, 50 kilometers (31 miles) southwest of Budapest in Hungary.
The company estimates the European battery market demand to increase to 256 GWh in 2025 from the current 41 GWh. Accordingly, SK Innovation is planning a strong increase in its production capacity. The proposed plant will have a production capacity of 30 GWh per year.
Hungary is quickly emerging as a leading supplier of battery materials to automotive and other end-user industries in the European region. The government is extending subsidies to companies planning investments in the battery industry.