LG Energy Solution’s Plan to Invest KRW 5 trillion Targeting the U.S. Market

LG Energy Solution has a plan to inject KRW 5 trillion targeting the battery market of the United States after its decision to open two new factories in the first-half of this year – with an aim to attain additional battery production capability of more than 70GWh only in the USA.
LG Energy Solution recently released its investment plan for its aggressive investment in battery production in order that it can lead the eco-friendly industry in the U.S. market – in line with the acceleration of the transition in the vehicle market – from general vehicles to electric vehicles (EVs). This is in accordance with the Green New Deal policy of the USA and the changing market environment.

Planning to inject KRW 5 trillion by 2025, along with the building plan of two additional factories

LG Energy Solution decided to invest more than KRW 5trillion in the U.S. market alone by 2025. Once the investment is made, its own battery production capacity – plus with its Michigan factory (5GWh) – will grow to a total of 75 GWh.
The new two factories are planned to be built as so-called ‘Green Factories’ to be operated with new renewable energy only. The Michigan factory is already being operated only with new renewable energy since the 2nd half of last year.

LG Energy Solution has also a plan to advance into the recent rapid growth area of cylindrical batteries for electric vehicles (EVs) – together with pouch batteries for energy saving systems for EVs. LG Energy Solution has been pursued under the ‘Green Field’ project by securing a site by itself and starting with building a factory from the 2nd half of last year. This will enable LG to contribute to the development of the ‘Green New Deal’ policy of the United States.
The President of LG Energy Solution recently explained “We expect that the USA’s Green New Deal policy will promote the rapid growth not only of electric vehicles (EVs), but also of the ESS market. So, we will secure battery-production capability in advance and build a localized stable supply chain system from R&D to production. We will thus contribute to the success of the nation’s Green New Deal policy as a best partner in the nation’s markets of EVs and ESS.”

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