Apr. 26—A South Korea-based company is opening a chemical recycling plant in Kokomo, bringing with it 100 new jobs.
Jaewon Industrial, a supplier of chemicals and allied products, is investing $102 million to build two facilities on County Road 100 East just south of the StarPlus Energy gigafactory, according to a Wednesday press release from the Indiana Economic Development Corporation.
In the company's first phase, it will construct a 650,000 square foot facility, and in its planned second phase, it will construct a second, smaller 150,000 square foot facility just east of the larger facility.
According to the press release, the company will disperse conductive slurry and recycle n-methylpyrrolidone (NMP). NMP is used as a solvent in the electrode coating of battery manufacturing.
The two facilities will serve battery manufacturers across the U.S. and in Indiana, including the StarPlus Energy electric vehicle battery plant.
The Tribune reported in February that Jaewon Industrial had purchased about 30 acres near the EV battery plant and office space near the Grissom Air Reserve Base in Miami County.
Jaewon plans to break ground in June 2023 and begin operations some time next year, according to the release. The company plans to create up to 100 new, "high wage" jobs by the end of 2024. The press release doesn't define what it means by high wage.
The company, which is headquartered in Yeosu, South Korea, has established a subsidiary, JWA Co. Ltd., to serve the U.S. battery and EV market. Its facilities in Kokomo is the company's first U.S. investment.
"By establishing a presence in Indiana, we hope to help secure Indiana as the center of the North American secondary battery and semi-conductor supply chains," Jaewon Shim, CEO of Jaewon Industrial, said in a statement. "Jaewon Industrial is also committed to investing in R&D as well as innovation of leading environmentally friendly solutions for businesses."
In a prepared statement, Kokomo Mayor Tyler Moore said the city is "honored" to be chosen by Jaewon Industrial.
"This latest investment shows how the EV industry continues to have an impact on our community," Moore said. "Kokomo and its workers are up to the task."
Based on the company's job creation plans, the IEDC is offering Jaewon up to $2 million in the form of incentive-based tax credits and up to $500,000 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.