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South Korea's LG Chem plans to invest about 6 trillion won in battery materials in the next 5 years

2021-07-18
Latest company news about South Korea's LG Chem plans to invest about 6 trillion won in battery materials in the next 5 years

South Korea's LG Chem will invest 6 trillion won (approximately US$5.2 billion) in battery material research and development, production increase investment, and mergers and acquisitions in the next five years. It will independently develop battery cathode materials, separation membranes, adhesives and other businesses to respond to the rapid growth in demand for automotive batteries. LG Chem will build a lithium metal oxide cathode material plant in Korea in 2021. In addition to the 60,000-ton capacity of the new plant, it also plans to build new plants in Europe and the United States within a few years. By 2026, the production capacity of cathode materials will be increased to 7 times of 2020, reaching 260,000 tons. LG Chem is also considering mergers and acquisitions in the field of battery materials. Will obtain the rights and interests of lithium mines, etc.