Korean supplier brings chemical recycling plant to Kokomo, first US investment
KOKOMO, Ind. (WISH) — A South Korea-based supplier of chemicals and allied products announced its plans Wednesday that it will be operating a new chemical recycling plant in Kokomo.
Jaewon Industrial plans to create up to 100 high-wage jobs by the end of 2024. The chemical recycling plant is meant to serve lithium-ion battery manufacturers and the growing electric vehicle supply chain.
According to a release, the company which is headquartered in Yeosu, South Korea, established a subsidiary, JWA Co. Ltd, to serve the U.S. battery and EV market. JWA will invest $102 million to locate its first operations in Indiana, purchasing 30 acres of land at Howard County Road 100 East in Kokomo.
“Indiana’s electric vehicle ecosystem continues to accelerate, and we’re excited to welcome JWA to our growing, future-focused economy,” said Indiana Secretary of Commerce Brad Chambers in a statement. “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.”
The Indiana Economic Development Corp. committed to 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 plant will serve the electric vehicle industry, recycling chemical waste to electric grade and supporting battery manufacturers’ ESG initiatives.
Plans to break ground are set for June and operations are expected to begin in 2024. The company will begin hiring workers once the facility is up.