LG Chem Receives 640 Billion KRW Support from European Investment Bank for Expansion of Poland Battery Plant
[Asia Economy Reporter Hwang Yoon-joo] LG Chem's Polish subsidiary, Wroclaw Energy, has signed a loan agreement worth 480 million euros with the European Investment Bank (EIB).
An LG Chem official said on the 27th, "The loan was obtained from the EIB to increase electric vehicle battery production in Europe," adding, "Although it is a large-scale loan, the EIB approved it because it is an eco-friendly project."
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LG Chem plans to use the loan funds for the construction and operation of a factory that innovatively produces advanced lithium-ion batteries for electric vehicles. The EIB will support one-third of the approximately 1.5 billion euros investment planned for the expansion of LG Chem's Polish plant, with the remainder being raised by LG Chem and other investors.
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