LG Energy Solution Will Spend $4 Billion on a New Battery Factory

LG Energy Solutions
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The South Korean battery manufacturer LG Energy Solution announced on Monday that it plans to invest a total of 4 trillion won, which is equivalent to $3.1 billion, in expanding its battery manufacturing facilities at its Ochang plants in Cheongju, which are located in North Chungcheong Province, through the year 2026.

Earlier on in the day, representatives from the battery manufacturer, the local administration of North Chungcheong Province, and the city of Chungju all came together to sign the investment agreement.

According to the company, the investment will be used toward extending and modernizing the manufacturing lines for cylindrical batteries at the Ochang plants, as well as the construction of new infrastructures such as research and development facilities at those plants.

It will also attempt to enhance efficiency at the new assembly lines by incorporating characteristics of smart factories such as remote assistance, intellectualization of production, and automation of logistics. This will be done in an effort to increase productivity.

According to the projections made by the authorities, the investment deal would result in the creation of around 1,800 new employment during the next five years.

LG Energy Solution is committed to bolstering the area economy via the procurement of raw materials, finished goods, and manufacturing equipment from local companies, as well as the promotion of those companies’ involvement in the process of carrying out the investment.

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