Trump Orders DOJ Investigation Into Exxon, Chevron Over High Gas Prices 
OpenAI IPO Delay Weighs on SoftBank Shares as AI Valuation Concerns Grow 
Alibaba Shares Fall After Anthropic Alleges Massive AI Model Distillation Campaign 
Nomura Stock Upgraded to Buy by BofA as Stronger ROE and Earnings Growth Boost Outlook 
Anthropic AI Model Uncovers Vulnerabilities in Classified U.S. Government Systems During Security Test 
Fortescue Faces Class Action Over Sexual Harassment Claims at Australian Mining Sites 
SK Hynix Moves Closer to New York ADR Listing Amid AI Chip Boom 
Micron Stock Surges on Strong AI Demand, Record Revenue, and Bullish Q4 Forecast 
Pelosi Discloses Major Intel and Uber Call Option Purchases Worth Up to $6 Million 
Apple Supplier Stocks Slide as Samsung, SK Hynix Lead Selloff After Apple Price Hikes 
Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
Heineken Names JDE Peet’s CEO Rafael Oliveira as New Chief Executive 
FedEx Stock Drops After Weak 2026 Earnings Forecast Despite Strong Q4 Results 
Johns Hopkins University Lays Off 110 Employees as Federal Research Funding Declines 
OpenAI May Delay IPO to 2027 Amid $1 Trillion Valuation Goal 
Ryan Cohen Rejects GameStop Pay Package, Prepares New eBay Acquisition Plan 
Tesla and NatPower Partner on $5 Billion Battery Storage Expansion in Europe 
LG Chem Ltd. revealed it has broken ground to commence the construction of its cathode factory in the United States. The new facility is set to become the country's largest producer of the said secondary battery material product.
LG Chem said that once completed, the plant is expected to produce 60,000 tons of cathode material per year, starting in 2026. Building a new factory is part of the company's plan to become a leading battery materials maker in the global market.
Official Groundbreaking for LG Chem's First US Plant
As per The Korea Economic Daily, the South Korean chemical producer broke ground for its first-ever cathode manufacturing facility in the U.S. The plant is said to be the biggest of its kind in the world's third-largest electric vehicle (EV) market.
LG Chem held the groundbreaking ceremony on Tuesday this week in Clarksville, Tennessee. This comes a year after LG Chem and the state government signed a memorandum of understanding (MOU), where the latter also committed to invest in constructing the new factory. Together, their signed agreement involves a total of $3.2 billion investment.
Perfect Location for the Battery Material Facility
Aju Business Daily reported that the 60,000 tons of cathodes that LG Chem's new plant is set to produce by 2026 in the Tennessee factory will be used to make high-performance batteries that can power around 600,000 EVs. Initially, a total of $1.6 billion will be spent on the plant, and later, the company may expand the site to yield up to 120,000 tons.
LG Chem said it selected Clarksville as the site to build its cathode plant because it is just the right place for it. The company explained this is due to several aspects, such as the location's proximity to key customers, active cooperation of the state and local governments, and ease of transporting the raw materials.
"With the Tennessee cathode material plant as the center, LG Chem will undoubtedly leap to become the top cathode material supplier in North America," LG Chem's chief executive officer, Shin Hak Cheol, said in a press release. "LG Chem will execute the vision to become the world's leading comprehensive battery material company, establishing a stable supply chain resilient to any environment."
The governor of Tennessee, Bill Lee, also said during the groundbreaking ceremony, "Tennessee's pro-business environment and skilled workforce provide global companies with the tools they need to succeed. I congratulate LG Chem on today's significant milestone and thank the company for its investment in Tennessee."
Photo by: LG Chem Press Release
