EcoPro to establish culture foundation for regional development

South Korean battery materials manufacturer EcoPro said Wednesday it has decided to establish a foundation for arts and culture in provinces beyond the Seoul area.

While the nation’s investment in arts and cultural infrastructure is usually concentrated in Seoul, the foundation aims to seek a balanced development in provinces. EcoPro will later diversify its philanthropic portfolio to educational sectors, the firm added.

EcoPro will first contribute some 100 billion won ($76.96 million) to its foundation, based on former Chairman Lee Dong-chae's stake in Daisy Partners, a family company with a 100 percent stake in EcoPro’s owner family where Lee stands as a major shareholder. With an initial endowment of 100 billion won, the foundation plans to expand its fund scale to some 500 billion won.

EcoPro plans to finalize the establishment by March next year and start operations in the latter half of the year, along with its subsidiaries.

In addition to the foundation, EcoPro is also reviewing venture capital funds to support local startups specialized in sustainable battery ecosystems, calling them the “next EcoPro.”

As an enterprise that once originated from Ochang, North Chungcheong Province, EcoPro has continued to focus on strategies to revitalize provinces and rural areas, the company said.

The battery materials supplier has also invested some 2 trillion won to set up a closed-loop ecosystem that can produce and recycle cathode and precursor materials and lithium in Pohang, North Gyeongsang Province. It announced an additional investment worth 2.5 trillion won to establish its second eco-battery campus dubbed “Blue Valley Campus” in the industrial city by 2025.