A rendering of the Samsung SDI battery factory in Goed, Hungary (Samsung SDI)
Samsung SDI said on Tuesday it would inject 1 trillion won ($ 900 million) into its battery factory in Goed, 30 kilometers north of Budapest, Hungary.
In a regulatory filing, the battery maker said its European subsidiary Samsung SDI Hungary had issued rights worth 403.8 billion won. Samsung SDI will also guarantee a debt of 538.4 billion won for the subsidiary, the company said.
Samsung SDI explained that the rights offer aims to consolidate funds for the expansion, including the construction of the second battery plant in Hungary. The company added that the debt guarantee was for investment purposes.
Samsung SDI has battery cell factories in South Korea, China and Hungary. Although the company has never disclosed its official annual production capacity, it is estimated at 30 gigawatt hours last year.
By Kim Byung-wook ([email protected])