LG Energy Solution to Invest 1.7 Trillion KRW in Independent Battery Factory in Arizona

New Cylindrical Battery Factory... Mass Production Targeted for 2024

[Asia Economy Reporter Oh Hyung-gil] LG Energy Solution announced on the 24th that it will invest 1.7 trillion KRW to build a new cylindrical battery factory with a total capacity of 11GWh in Queen Creek, Arizona, USA. Construction is set to begin in the second quarter of this year, with mass production targeted for the second half of 2024.

This is the first time among domestic battery companies to build an independent production plant dedicated to cylindrical batteries in the North American market.

LG Energy Solution plans to stably supply volumes to major customers such as leading electric vehicle startups and power tool companies in the US through the new factory.

An LG Energy Solution official said, "Electric vehicle startups adopting cylindrical batteries are emerging prominently in the US, and demand for wireless power tools is also rapidly increasing," adding, "Through the new factory, we plan to actively respond to the rapidly growing North American cylindrical battery market."

Furthermore, LG Energy Solution intends to actively consider securing additional production capacity in the future.

Kwon Young-soo, Vice Chairman of LG Energy Solution, said, "With the construction of this factory, we will provide superior customer value in the rapidly growing cylindrical battery market more than anyone else," and added, "We will stably supply competitive products to customers and strive to become 'the world's best company trusted and loved by customers.'"

This content was produced with the assistance of AI translation services.