LG Chem breaks ground on cathodes plant to make South Korea 'batteries superpower'
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LG Chem CEO Hak-cheol Shin said company investing in 'world's greatest technologies and facilities'. Photo: LG Chem
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LG Chem today broke ground for a major cathode materials plant in South Korea – which will see the nation become a batteries "superpower”, the country’s president said.
World Battery News reported last year that LG Chem was planning to build the plant, in the south-eastern city of Gumi.
LG Chem said today about KRW 500bn (£308m) is to be invested by 2025 to build what will be "the world’s largest exclusive cathode material plant”, on a site spanning more than 60,000 square metres.
The plant will have an "exclusive line” for NCMA (nickel, cobalt, manganese, aluminium) cathode materials, producing around 60,000 tons of batteries annually, which the company said is enough to supply some 500,000 "high-performance fully electric vehicles”.
South Korea’s president, Jae-in Moon, told the groundbreaking ceremony for the plant "Korea will become a battery superpower through this initiative”.
"The start of the construction for the plant that will create jobs in Gumi is an example of how local labour, management, private and public sectors can work together to respond to the global supply chain crisis.”
CEO Hak-cheol Shin said: "We will strive to make this the best plant that can respond to the rapidly growing global demand for EV battery materials, by investing in the world’s greatest technologies and facilities.”
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World Battery News reported last year that LG Chem was planning to build the plant, in the south-eastern city of Gumi.
LG Chem said today about KRW 500bn (£308m) is to be invested by 2025 to build what will be "the world’s largest exclusive cathode material plant”, on a site spanning more than 60,000 square metres.
The plant will have an "exclusive line” for NCMA (nickel, cobalt, manganese, aluminium) cathode materials, producing around 60,000 tons of batteries annually, which the company said is enough to supply some 500,000 "high-performance fully electric vehicles”.
'Supply chain crisis'
South Korea’s president, Jae-in Moon, told the groundbreaking ceremony for the plant "Korea will become a battery superpower through this initiative”.
"The start of the construction for the plant that will create jobs in Gumi is an example of how local labour, management, private and public sectors can work together to respond to the global supply chain crisis.”
CEO Hak-cheol Shin said: "We will strive to make this the best plant that can respond to the rapidly growing global demand for EV battery materials, by investing in the world’s greatest technologies and facilities.”
Related articles in our archive