LG Energy Solution announced its investing strategies of over a 4.5billion (KRW5tn) to expand its battery production before 2025.LG Energy Solutions began holding meetings with General Motors to form a collation on a cell manufacture factory in the U.S. the proposed factory would use the latest technology to manufacture vehicle batteries. The technology would include pouch batteries for EV use, energy storage structures, and cell electric vehicle batteries shaped in cylindrical form.
Currently, LG runs the Green Field Project launched in 2020 to gain a foothold in the EV and battery market. After the project is completed, it will allow the firm to produce a total capacity of over 110GWh in the U.S.
LG’s investment would generate over 10,000 job opportunities and its subcontractors. At the same, the company would secure an extra 70GHh production capacity in the US. Jong Hyun Kim, LC’s Chief executive Officer, said that U.S President and vehicle manufacturers would serve as a propelling factor in developing the electric vehicle market and energy storage structures in the nation.
LG Energy Solutions is prepared to enlarge its manufacturing capacity of batteries and create a stable and localized supply chain. In turn, it would offer outcomes from research and develop strategies towards its production.
Two years ago, LG Energy Solution formed a coalition with General Motors to set up a battery factory worth $2.3 billion and situate the Ohio factory. The factory would use 35GWh as its annual capacity. The factory will be ready to kick off next year. The entire LG Energy Solutions factory in the U.S would start operating under 100 percent renewable energy. As a result, the company would be able to switch completely to using renewable energy under its Green Field Project. In the second half of 2022, a battery factory located in Michigan would start functioning wholly on renewable energy.
During the first half of this year, the firm would pick out a least two areas to set its plant to produce different types of batteries in the United States. There is an increased pressure coming from the domestic manufacture of electric vehicle parts in the United States, and LG Energy Solutions is ready to enlarge its production volume. As a result, global requirements of vehicle manufacturers would be met across the U.S and Europe. After entering into many business partnerships, LG is currently receiving battery supply orders from startups in the U.S.
LG will use its investment strategies to alleviate the industrial demand for battery supplies and increase its expansion process in the United States. That would enable the implementation of large-scale production as soon as possible.https://thetrustedchronicle.com/