LG Energy Solution to Invest $3.1 Billion in South Korea Battery Facility, According to Reuters

By Joyce Lee

SEOUL (Reuters) – South Korean battery manufacturer LG Energy Solution announced plans to invest 4 trillion won (approximately $3.1 billion) between this year and 2026. This investment will focus on developing a facility dedicated to producing batteries for electric vehicles and other applications.

The new project in Ochang, South Korea, will encompass research and development, production facilities, and associated infrastructure. The initiative is projected to create around 1,800 jobs, according to the company’s statement.

An LG Energy Solution spokesperson highlighted the company’s strategy to establish a diverse product portfolio, including pouch-type and cylindrical batteries, to effectively meet customer demands. They also mentioned the goal of enhancing production capabilities through the implementation of smart factory technologies.