Project Bulletin: April 8, 2024

Ohio’s deregulated energy market, proximity to end markets and feedstock availability have secured reinvestment from Cenovus.

Photo courtesy of Cenovus

About 17 miles outside of Columbus, Ohio, energy company Cenovus Energy Inc. has announced a $1.5 billion investment in Dublin. The company also will expand its U.S. regional headquarters in the city, creating 115 new jobs. A significant portion of the project investment will go toward modernizing northwestern Ohio refineries located in Lima and Toledo. “As we continue to grow our business in Ohio, with its strengthening energy sector, keeping our U.S. regional headquarters in Dublin was an obvious choice,” said Cenovus Executive Vice-President Downstream Doreen Cole. “Ohio offers a vital strategic location, a skilled workforce and a supportive business environment, making it an ideal choice.”

ADVERTISEMENT

SK hynix, the leading manufacturer of high-bandwidth memory chips, will focus on its next-generation DRAM chip in Indiana.

Photo courtesy of SK hynix

Last week, South Korea-based semiconductor manufacturer SK hynix announced plans to construct a first-of-its-kind advanced packaging fabrication and R&D facility in West Lafayette, Indiana. The $3.87 billion project will produce the company’s Dynamic Random Access Memory (DRAM) chips, which play a powerful role in powering AI systems like ChatGPT. “We are excited to become the first in the industry to build a state-of-the-art advanced packaging facility for AI products in the United States that will help strengthen supply-chain resilience and develop a local semiconductor ecosystem,” said SK hynix CEO Kwak Noh-Jung. “With this new facility, we hope to advance our goal of providing AI memory chips with unmatched capabilities, serving the needs of our customers.” Strategically located near Purdue University, SK hynix will collaborate with the university on its AI-focused R&D activities and develop training programs to build a reliable talent pipeline in the region. The new facility is expected to become operational in 2028, potentially creating thousands of new jobs.

ADVERTISEMENT

Hyosung TNC received approval for its new plant from the Ba Ria-Vung Tu Provincial Government in March 2024, finalizing the investment decision in April.

Photo courtesy of Hyosung TNC

Hyosung TNC, the textile branch of industrial group Hyosung Corporation, is moving forward with a new $740 million investment in Tinh Ba Ria-Vung Tau, Vietnam. The project is to construct a new spandex material plant in the city’s Phu My 2 Industrial Park, expecting to produce 50,000 tons of butanediol per year. The material is to be eco-friendly and a good alternative for traditional fossil fuel-based materials, making it useful in automotive, packaging and textile industries. This investment will mark the company’s third facility in Vietnam, and this plant will allow for a complete life cycle of production to take place in the country. Construction will begin in 2024 and is expected to be completed in 2026.

Reports compiled and written by Alexis Elmore, edited by Adam Bruns