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South Korea-Based Soulbrain MI Plans Kokomo, Indiana, Battery Electrolyte Plant

12/15/2022
soulbrain MI, a tier one supplier for the electric vehicle industry and subsidiary of South Korea-based Soulbrain Holdings, plans to establish operations in Kokomo, Indiana. The $75 million project is expected to create 75 jobs by the end of 2025.

The company will construct and equip a 30,000-square-foot manufacturing facility on 22 acres at 2141 N Touby Pike. The new facility will allow soulbrain to increase production of high purity electrolyte for lithium-ion batteries, helping to power Stellantis’ and Samsung SDI’s new next-generation electric vehicle battery manufacturing plant being built nearby. Construction is scheduled for March 2023.

“This investment in Indiana will allow soulbrain MI to increase production of our advanced electrolyte solutions, powering batteries that are critical to the next generation of vehicles,” said Joonsung Park, president of soulbrain MI. “We are excited to join Indiana’s growing ecosystem of manufacturers that are developing the future of mobility and implementing sustainable, environmentally-friendly solutions.”

Based on the company’s job creation plans, the Indiana Economic Development Corporation (IEDC) committed an investment in Soulbrain MI of up to $1.1 million in the form of incentive-based tax credits and up to $100,000 in training grants. These tax credits are performance-based, meaning the company is eligible to claim incentives once Hoosiers are hired. The city of Kokomo will consider additional incentives, and Duke Energy offered additional incentives.

"Indiana is uniquely positioned to be a leader in innovating the future of mobility and producing new, electric solutions that will power the world," noted ndiana Secretary of Commerce Brad Chambers. "Our state's electric vehicle industry continues to grow and attract like-minded, future-focused companies like soulbrain MI, and I'm confident that Indiana will be at the center of tomorrow's global mobility industry."

soulbrain MI, which was established in 2010, has been advancing R&D and producing cutting edge electrolyte for the advanced lithium-ion battery industry for more than 10 years. The company is a tier one supplier for the electric vehicle industry, supporting companies like LG, SK and Samsung SDI which produce batteries for the next generation of transportation and energy storage.

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