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Area Development - Site Selection, Facility Planning and Workforce Development

South Korea-Based Jaewon Industrial Plans Kokomo, Indiana, Chemical Recycling Plant

04/28/2023
Jaewon Industrial, a South Korea-based supplier of chemicals and allied products, 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 U.S electric vehicle supply chain. 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. Phase two will feature a 150,000-square-foot facility which will also be used to disperse conductive slurry. Operations are scheduled for 2024.

“The secondary battery and semiconductor industries in North America have been seeing rapid growth over the last few years,” said Jaewon Shim, CEO of Jaewon Industrial. “By establishing a presence in Indiana, we hope to help secure Indiana as the center of the North American secondary battery and semiconductor supply chains. Jaewon Industrial is also committed to investing in R&D as well as innovation of leading environmentally friendly solutions 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 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 electric vehicle ecosystem continues to accelerate, and we’re excited to welcome JWA to our growing, future-focused economy,” noted Indiana Secretary of Commerce Brad Chambers. “With the addition of JWA, Hoosiers will be supporting the full lifecycle of energy storage and electric vehicle production, from R&D to production to recycling, helping usher in the global energy transition and shared sustainability goals.”

Founded in 1987 Jaewon Industrial’s line of business includes producing gasoline, kerosene, distillate fuel oils, residual fuel oils, and lubricants.

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