By Kwanwoo Jun
LG Chem Ltd. stated Tuesday it signed an memorandum of understanding with the state of Tennessee to construct a brand new cathode supplies plant within the U.S.
The South Korean chemical firm, which has is increasing its electric-vehicle battery supplies enterprise globally, plans to speculate greater than $3 billion in new amenities to be inbuilt Clarksville.
LG Chem goals to supply 120,000 tons of cathode supplies yearly from the Tennessee plant by 2027.
The corporate stated it will begin development within the first quarter of 2023 to construct the brand new plant, the place mass manufacturing might begin within the second half of 2025.
LG Chem expects the brand new plant to supply cathode supplies containing nickel, cobalt, manganese and aluminum for next-generation EV batteries with improved battery capability and stability.
Tennessee Governor Invoice expects LG Chem’s deliberate $3.2 billion funding to create greater than 850 new jobs and supply alternative to Tennesseans, in accordance with a press launch issued by LG Chem.
LG Chem stated it will improve its battery supplies enterprise fourfold to twenty trillion received ($14.71 billion) by 2027 from an estimated KRW5 trillion in 2022.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com