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LG Energy Solution is expanding in the U.S., and for its future innovation plans, including battery production, it is investing over $4.5 billion. The South Korean company that is the only chemical-based battery-maker in the world hopes to widen its battery production capacity by 70GWh with the new funding.
LG’s expansion plans
LG Energy Solution revealed on Thursday, March 11, that it is planning to shell out billions for its battery production venture in the United States. The company is distributing the funds through 2025, and hopefully, by that time, LG would have already built at least two additional plants to increase the battery output.
As per Reuters, with the new factories, the company is also expecting to create more than 4,000 jobs which mean additional employment opportunities for the locals. Then again, the unit of LG Chem declined to reveal where the upcoming battery plants are to be built.
The only thing that was disclosed is that it is already considering some sites and would be making its decision before the second half of this year. At any rate, Denise Gray, president of LGES’ Michigan branch president, went on to say that in the construction phase, about 6,000 jobs would be available since the two plants would be massive.
The investment is also LG’s response to the growing market in the electric vehicle business. Since automakers in Europe and the U.S. will need batteries for their productions, the company will supply it to them.
“The goals of the U.S. president and automakers will be a propelling factor in the growth of the country’s electric vehicle and energy storage systems markets,” LGES CEO Jong Hyun Kim said via press release. “LG Energy Solution is dedicated to expanding its battery production capacity and structuring a stable, localized supply chain that provides everything from R&D to production.”
LG’s partnership with General Motors
Meanwhile, LG Energy Solutions is not only working on the construction of its new plants for its production expansion. It is also venturing into partnerships for other products.
Currently, it is in talks with General Motors to build a manufacturing factory for the cell-battery business. They have put in more than $2 billion in the project, and it was reported that the first LG-GM JV plant in Ohio is almost complete. The companies are planning to construct another plant, and this is being discussed.
