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Lotte Energy Materials Corp., that has been formerly known as Iljin Materials, is set to construct its new production plant in the United States. The leading copper foil producer in South Korea has already filed an application for the construction.
Once it secured the required permissions from the U.S. state government of Delaware, Lotte Energy Materials will proceed with the groundbreaking, which it hopes can take place some time next year. The company is building this facility to meet Tesla’s increasing demand for battery components. It is also aiming to supply its products to other electric vehicle makers in North America.
At any rate, The Korea Economic Daily reported that it usually takes two weeks for building applications to be reviewed, and the company is looking forward to getting permission soon.
Lotte Energy Materials has not yet decided on the exact location for its factory, but it is looking into Tennessee, Michigan, and Kentucky, as these are the regions where most of the American and South Korean automakers operate.
While it is securing the permit to build, the firm is also in talks with some state governments in the country for potential tax benefits for the construction. Lotte is expected to finalize the site location by the end of this year. The estimated initial investments for this project are between KRW700 billion and KRW800 billion, or about $526 million to $601 million.
“The North American electric vehicle market has entered a full-fledged growth trajectory, and investments from Korean battery manufacturers who expect to benefit from IRA are continuing to pour in,” Hankyung quoted an official in the battery industry as saying in a statement. “The construction of Lotte Energy Materials’ U.S. factory will expand its market dominance in the North American market.” “It is an essential measure to take.”
Photo by: Lotte Energy Materials PR Center
