LG Energy Solution announced that by the end of 2025, the company will invest over $ 4,5 billion in its own US business to further expand its battery manufacturing capacity.
In addition, the company says this new investment will create more than 10 jobs for LG employees and subcontractors, as well as an additional 000 GWh in the United States alone, on top of current and past investments.
In addition, LG Energy Solution and GM are currently discussing plans to build a second joint venture plant in the United States, which will further increase its production capacity. This second joint venture of the plant is expected to have a production capacity similar to that of the first plant of the two companies and will produce next-generation electric vehicles based on advanced technology.
The company established its first research center in the US in 2000 and invested $600 million to provide 5 GWh of production capacity at its first plant in Michigan, built in 2012. In 2019, the company entered into a joint venture with General Motors (GM) to build a $2,3 billion battery plant in Ohio, scheduled for completion in 2022 to generate 35 GWh of annual capacity. The latest Green Field Project will give the company a total production capacity of more than 110 GWh in the US
In the first half of 2021, LG Energy Solution will select at least two locations for its battery manufacturing plant in the United States. The new LG Energy Solution facility will produce pocket-type batteries for use in electric vehicles and energy storage systems (ESS) as well as EV batteries with cylindrical cells, which are now rapidly growing in demand.
