CORRECTING and REPLACING Koura signs a three-party Letter of Intent with Foosung Co. Ltd. and the Mayor of Kędzierzyn-Koźle, Poland to meet growing demand for inorganic fluorine compounds used in the production of lithium-ion batteries in Europe

BOSTON--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.

The updated release reads:

KOURA SIGNS A THREE-PARTY LETTER OF INTENT WITH FOOSUNG CO. LTD. AND THE MAYOR OF KĘDZIERZYN-KOŹLE, POLAND TO MEET GROWING DEMAND FOR INORGANIC FLUORINE COMPOUNDS USED IN THE PRODUCTION OF LITHIUM-ION BATTERIES IN EUROPE

Orbia’s Fluorinated Solutions brand Koura, a global solutions leader in the fluorine and advanced materials space, announced today that it has signed a three-party Letter of Intent with Foosung Co. Ltd. and the Mayor of Kędzierzyn-Koźle, Poland to develop a new production plant in the region to meet the growing demand in Europe for inorganic fluorine compounds used in the production of lithium-ion batteries.

The agreement follows the Katowice Special Economic Zone’s decision to support construction of a battery materials production and service plant on a 49 acre plot of land acquired by Foosung Poland from the Commune in July 2019.

In addition to meeting renewable energy market needs, the construction and continued operations of the plant will drive economic development in the region. The first phase of construction will entail creating 80 local jobs with a ramp up to 150 local jobs for continued operations. Additionally, Koura and Foosung will provide chemistry education in schools and other educational institutions in the Commune and the Kędzierzyn-Koźle Powiat (county) through this partnership.

At a signing ceremony held in Katowice Poland, Gregg Smith, President of Orbia Fluorinated Solutions, said, “We are really pleased to have signed this agreement today and look forward to an incredible partnership. Battery materials are an important space for growth and key to supporting Orbia’s decarbonization efforts. We are excited to participate with Foosung as part of our energy materials strategy to bring key enabling fluorine materials to the end market.”

Said Sameer Bharadwaj, Chief Executive Officer of Orbia, “Decarbonization is an area of focus for Orbia, and growth opportunities like this partnership with Foosung and the mayoral leaders in Kędzierzyn-Koźle are key to our success. We are working in the climate solutions space to create value for people and planet. Our ownership of raw material assets and our team’s expertise in fluorine technologies puts us in the driver’s seat for the future of energy storage: an area of accelerated need and global demand.”

Ben Gook Hur, Chief Executive Officer of Foosung, said, “Foosung is deploying advanced technology for fluorine materials and will leverage Orbia’s strength in upstream fluorine intermediates to ensure a robust supply chain for European lithium-ion battery production.”

Construction of the production plant on the Southern Field (Polish: Pole Południowe) will commence in the second quarter of 2022, with the personnel recruitment process set to begin in 2023.

About Orbia

Orbia is a company driven by a shared purpose: to advance life around the world. Orbia operates in the Polymer Solutions (Vestolit and Alphagary), Building and Infrastructure (Wavin), Precision Agriculture (Netafim), Data Communications (Dura-Line) and Fluorinated Solutions (Koura) sectors. The five Orbia businesses and their commercial brands have a collective focus on expanding access to health and wellness, reinventing the future of cities and homes, ensuring food and water security, connecting communities to data infrastructure and accelerating a sustainable, circular economy with basic and advanced materials and solutions. Orbia has commercial activities in more than 110 countries and operations in over 50, with global headquarters in Boston, Mexico City, Amsterdam and Tel Aviv. To learn more, please visit www.orbia.com.

About Koura

Orbia’s Fluorinated Solutions brand Koura is a global leader in the development, manufacture and supply of fluoroproducts that play a fundamental role in enhancing everyday lives and shortening the path to a sustainable, circular economy. Koura’s products are used in a vast range of applications including energy storage, urban and rural infrastructure, indoor climate management, food and medicine refrigeration and even in treating respiratory conditions. Headquartered in Boston, Koura has commercial activities across the world, with operations in the United Kingdom, Mexico, United States, India and Japan.

About Foosung Co. Ltd.

Foosung Co. Ltd. leads the fluorochemical industry with proven high-quality products based on its 40-year experiences in fluorochemical technology and advanced production knowledge. Foosung provides its best-in-class chemical products within specialty gas, secondary battery materials, inorganic fluorine compounds and refrigerants. To put this into perspective, South Korea's environmental regulation has set a high entry barrier into the market for refrigerants, semiconductor gases and other fluorine products, making Foosung the sole producer and seller within the nation, as well as a globally competitive manufacturing company. Foosung will not satisfy with the present but pursue sustainable growth by investing in the future industry. We will continue our efforts to improve quality of life and to create a cleaner future by manufacturing eco-friendly products through our innovative technology.