Jaewon Industrial, a supplier of chemicals and related products based in South Korea, has established a subsidiary, JWA Co., Ltd. and will locate a chemical recycling plant in Kokomo, Indiana. The $102 million project is expected to create 100 jobs by the end of 2024.
The company will serve lithium-ion battery manufacturers and the growing electric vehicle supply chain in the United States. The investment will include a 65,000-square-foot facility located on 30 acres at 100 East, as well as a second facility to recycle NMP, a solvent used in a variety of applications. The second phase will feature a 150,000-square-foot facility that will also be used to disperse conductive slurries. Operations are planned for 2024.
“The secondary battery and semiconductor industries in North America have experienced rapid growth over the past few years,” said Jaewon Shim, CEO of Jaewon Industrial. “By establishing a presence in Indiana, we hope to help secure Indiana as the hub of North American semiconductor and secondary battery supply chains. Jaewon Industrial is also committed to investing in R&D as well as leading solution innovation environmentally friendly for businesses”.
Based on the company’s job creation plans, the Indiana Economic Development Corporation (IEDC) committed an investment in JWA of up to $2 million in the form of incentive-based tax credits and up to 500,000 dollars in training grants. The IEDC also committed an investment of up to $500,000 in Manufacturing Readiness Grants, which are designed to help companies invest in smart manufacturing and new technologies. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired.
“Indiana’s EV ecosystem continues to accelerate, and we’re excited to welcome JWA to our growing, future-focused economy,” said Indiana Secretary of Commerce Brad Chambers. “With the addition of JWA, Hoosiers will support the full lifecycle of energy storage and electric vehicle production, from R&D to production and recycling, helping usher in the energy transition global and shared sustainability goals”.
Established in 1987, Jaewon Industrial’s business line includes the production of gasoline, kerosene, distillate fuel oils, waste fuel oils and lubricants.
