LG Makes $7B Push Into Battery Manufacturing Business
LG has earmarked $6.96 billion dollars over the next four years to greatly expand its battery production operations, as the electric vehicle, smartphone, and laptop markets all continue to grow.
The investments focus on boosting production of cathode binders, separation membranes, and other essential battery components. To do so, South Korea’s LG Chem will build a cathode plant in the city Gumi, as well a second plant elsewhere in the country.
LG is also “actively pursue cooperation in various ways with companies possessing mining, smelting and refining technologies to strengthen its metal sourcing competitiveness,” it said in a statement.
“This will be the most revolutionary change since the establishment of the company that will upgrade the value and sustainability of LG Chem, and tangible achievements will become available from the second half of this year,” CEO Hak Cheol Shin said.