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LG Energy Solution Ltd (LGES) has announced that it will invest 7.2 trillion won ($5.56 billion) on its second standalone battery manufacturing plant in the United States.
LGES will spend 4.2 trillion won to establish a cylindrical battery factory in Queen Creek, Arizona, with an annual output capacity of 27 gigawatt hours, enough to power 350,000 all-electric vehicles, according to a corporate release.
LGES owns and operates an independent battery facility in Michigan. According to Yonhap news agency, it would invest 3 trillion won to develop a separate factory on the same location to create lithium iron phosphate (LFP) batteries for energy storage systems (ESS), with an annual production capacity of 16 GWh.
The decision reached earlier at a board meeting, represents a significant increase in the Arizona investment over the original 1.7 trillion won plan announced in March last year.
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