Lotte Chemical to invest $200 million in JV to make EV batteries

Lotte Chemical Corp. will invest US$200 million in the joint venture with US startup Soelect Inc., a North Carolina-based battery component maker, to produce lithium-metal anodes for electric vehicles in the US by 2025.

When compared to lithium-ion batteries, lithium-metal batteries use metal instead of graphite, which improves energy density and stability.

Lotte Chemical, the petrochemical division of the Lotte Group, a South Korean retail conglomerate, has announced a goal to expand into the green energy and battery materials sectors as part of its long-term growth strategy.

Lotte Chemical announced that it will invest 4 trillion won in the battery materials market to fulfill rising demand from electric vehicle manufacturers, with a goal of 5 trillion won in sales by 2030.