HS Hyosung Energy Solution Korea signed a memorandum of understanding with Ulsan City on the 14th to build a silicon anode material plant at the Ulsan-Mipo National Industrial Complex. The joint venture between HS Hyosung Group (487570.KS) and Belgium-based Umicore will invest 1.2 trillion won, or approximately $891.5 million, in three phases through 2030. The first phase will invest 300 billion won in the MPK-1 plant, which is scheduled to begin operating at annual capacity of 5,000 tons in the first quarter of 2028. A second 300 billion won phase will bring cumulative capacity to 10,000 tons by the third quarter of 2029, while a final 600 billion won investment will add 10,000 tons of annual capacity by the third quarter of 2030. Silicon anode materials can provide higher energy density and faster charging than conventional graphite anodes, supporting efforts to extend electric-vehicle driving ranges and reduce charging times. The project is HS Hyosung Group’s first major new business venture since its corporate split and is intended to establish an advanced materials base in Ulsan, the group’s birthplace and a long-standing manufacturing center. The company plans to prioritize Ulsan residents for construction and operating jobs, while the city government has pledged administrative support for permits and approvals.