News

LG Chem plans to invest $424 million for the battery materials plant in South Korea

SEOUL (Reuters) – South Korean battery maker LG Chem Ltd, said on Thursday agreed to invest 500 billion won ($424.03 million) for the construction of a factory in South Korea, to manufacture cathode materials for lithium-ion batteries.

LG Chem plans to break ground in the city of Gumi, in the south-east to South-Korea next year, the company said in a statement. Cathode production will start from the end of 2022, said a company official.

The company is one of the leading electric vehicle battery-makers in the world, and counts General Motors and Volkswagen VOWG_p.DE) to its customers.

Cathodes in lithium-ion batteries, lithium metal, or a combination of other metals, such as nickel, cobalt, and manganese. They will absorb the negative charge of electrons in the anode part of the battery energy. The anode part of a lithium-ion battery, it is usually small.

LG Chem’s new factory will create approximately 1,000 domestic jobs in South Korea, ” the company added.

The company is currently working on two other cathode production plant in the country, and is building one in China.

LG Chem is focused on the promotion of the capacity for self-production of the cathode material by up to 35%, compared to the current 20%, according to LG Chem, President Ho Jeong, young said in a transcript on Wednesday.

Reporting Heekyong Yang; editing by Christian Schmollinger

Follow us

Don't be shy, get in touch. We love meeting interesting people and making new friends.

Most popular