Nanoteam

Nanoteam held a groundbreaking ceremony for a new factory in Ulsan, South Korea, to produce thermal runaway blocking pads for electric vehicle batteries. The company will invest 23.2 billion won in the plant, which will have an annual capacity of 12,000 tons and is scheduled for completion in September 2024.

Nanoteam has secured a 2,000-pyeong factory site in Ulsan and plans to complete production facilities by next year to support the thermal runaway prevention materials contract.

Nanoteam has received its first project order from Hyundai Mobis for thermal runaway prevention materials, valued at 506.3 billion won. The materials will be exclusively supplied to Hyundai and Kia starting in 2025.