LG Chem plans battery material plant in South Korea
South Korean battery maker LG Chem had agreed to invest 500 billion won ($424.03 million) to build a factory in South Korea to produce cathode material for lithium ion batteries. The company plans to break ground in the city of Gumi, in southeastern South Korea, next year.
Cathode production will start from late 2022, said a company official. LG Chem's new factory will create about 1,000 domestic jobs in South Korea, the company added. LG Chem currently operates two other cathode production plants in the country and is building one in China.
The company aims to boost its ability to independently produce the cathode material by up to 35 percent, compared to the current 20 percent, said LG Chem President Jeong Ho-young.