Cisco Restructures for AI Growth After Record Q3 Revenue 
Armani Group Eyes Strategic Stake Sale to Luxury Giants 
Ibiden Stock Surges as AI Chip Demand Boosts Profit Outlook 
U.S. Urges China to Help Curb Iran’s Actions in Gulf, Rubio Says 
Nvidia CEO Jensen Huang to Join Trump’s China Visit Amid AI Chip Tensions 
OpenAI-Microsoft Deal Sets $38 Billion Revenue-Sharing Cap Ahead of Potential IPO 
Gold Prices Steady Ahead of Trump-Xi Meeting as Inflation and Oil Concerns Persist 
US, Japan Reaffirm Strong Currency Coordination Amid Yen Volatility 
GOP Lawmakers Probe Sam Altman and OpenAI Ahead of Potential IPO 
Asian Currencies Slide as Indian Rupee Hits Record Low Amid Iran Tensions 
SpaceX IPO Faces Backlash Over Elon Musk’s Control and Governance Structure 
SK Hynix Nears $1 Trillion Market Value Amid South Korea’s AI-Driven Stock Market Surge 
Coles “Down Down” Ruling Sparks Fresh Scrutiny of Australian Supermarket Pricing 
OECD Sees Bank of Japan Raising Interest Rates to 2% by 2027 
Australia Housing Tax Reform Sparks Debate Over Property Investor Tax Breaks 
Rubio Discusses Iran Crisis and Strait of Hormuz Disruptions With UK and Australia 
AcadeMedia Q3 Profit Climbs as International and Adult Education Segments Drive Growth 
LG Chem is investing more than $3 billion to build a new plant for its cathode materials business. The South Korean chemical company announced it has signed a memorandum of understanding (MOU) with the Tennessee government in the United States, where it will construct the facility.
As per The Korea Times, this will be LG Chem’s largest cathode materials plant that has the capacity to produce up to 120,000 tons of battery materials. The facility will soon rise on a 1.7 million square meter land located in the said U.S. state.
The company said on Tuesday, Nov. 22, that this annual production capacity will be able to make cathode materials that are needed to produce batteries for about 1.2 million high-performance electric vehicles (EVs). This massive capacity is much larger than any other battery component factory in the country.
The construction is set to begin in the first quarter of 2023, and LG Chem is looking to start the actual mass production in the latter part of 2025. Once in operation, it will slowly increase its annual production to 120,000 tons by the year 2027.
LG Chem said its cathode plant would be designed to be green and future expansion or upgrade for any required equipment or space. This means it will be powered by renewable energy like solar and hydroelectric power. It will partner with suppliers in Tennessee for its needs so it can respond to the demands of customers.
“The new cathode manufacturing facility in Tennessee brings us one step closer to becoming the world’s best battery materials manufacturer and fulfilling our corporate vision to become a top global science company," LG Chem’s chief executive officer, Shin Hak Cheol, stated in a press release. "This site will be the North American manufacturing center of excellence for the cathode supply chain and lead to the creation of many well-paying jobs, contributing to the local economy in Clarksville."
The governor of Tennessee, Bill Lee, also thanked the chemical firm for choosing the state and generating new jobs and opportunities for the locals. “LG Chem’s decision to invest USD 3.2 billion in Clarksville, I thank this company for creating more than 850 new jobs to provide opportunity to Tennesseans across Montgomery County.”
