Samsung SDI is expected spend over 1.7 trillion won to expand its battery facilities this year.
The company held its 51st annual shareholders’ meeting on Wednesday. Three motions, which included the naming of two new directors, were passed without a hitch.
Samsung SDI CEO Jun Young-hyun said the company planned to upgrade its competence this year by expanding its key facilities, such as those in Hungary.
The company will also focus on securing differentiate quality, uplifting quality and performing ESG (environment, society and governance) initiatives, Jun said.
Samsung SDI is planning to begin production of Gen 5 batteries in Hungary in the second half of the year. The batteries will use new separators that are 30% more heat resistant than its predecessors as well as nickel, cobalt and aluminum (NCA) cathodes with over 80% nickel.
Last month, the company said it will raise 1 trillion won to spend in its facilities in Hungary.
Samsung SDI will resume spending on cylinder batteries this year. It halted spending on the area last year. The company is planning to spend 131.5 billion won in the area first.
Samsung SDI is likely to spend them first in its facilities in Seremban, Malaysia, which has gotten old. It could alternatively spend them on its facilities in Tianjin, China, where it can receive subsidies.
The company also named executive vice presidents Jang Hyuk and Kim Jong-sung as inside directors. Jang was previously the research head and director of its small-sized battery business. Kim worked at Samsung Display and Samsung Electronics’ TV business prior to his naming.
Samsung SDI will continue to have three insider directors and four outside directors.
