US Yellen Visits LG Science Park: "US-Korea Battery Cooperation Must Overcome Supply Chain Crisis"

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Dong-hoon] "The United States cannot resolve supply chain vulnerabilities on its own. Even if the U.S. increases domestic investment capacity, it cannot secure key components and products without the help of partners. We must secure the supply chain through cooperation with our partners."

Janet Yellen, U.S. Treasury Secretary, who is visiting Korea, made these remarks on the morning of the 19th during her visit to LG Science Park in Magok-dong, Gangseo-gu, Seoul, where LG Chem and other research and development (R&D) organizations are gathered. On the same day, Secretary Yellen toured the electric vehicle battery R&D center with Shin Hak-cheol, Vice Chairman of LG Chem, and held a private meeting. It appears that Vice Chairman Shin introduced next-generation battery technology and discussed battery supply chain construction and private sector cooperation measures between the two countries.

LG Chem is the only Korean company Secretary Yellen visited during this trip. South Korea and the U.S. are accelerating their supply chain alliance amid the Russia-Ukraine war and U.S.-China trade conflicts. In particular, cooperation in the semiconductor and battery sectors is strengthening. LG Chem is advancing as a global comprehensive battery materials company, including in the fields of battery cathode materials and separators. It has LG Energy Solution, which competes for the global number one position in the battery industry, as its subsidiary. Secretary Yellen’s visit is also seen as a strategic move to solidify the battery alliance between South Korea and the U.S.

On the morning of the 19th, Janet Yellen, U.S. Secretary of the Treasury, visited LG Science Park in Magok-dong, Gangseo-gu, Seoul, and received an explanation about electric vehicle battery materials from Shin Hak-cheol, Vice Chairman of LG Chem, at the Sustainable Gallery.
[Photo by Yonhap News]

Secretary Yellen said, "The supply chain crisis is driving up consumer prices, causing suffering for citizens in both South Korea and the U.S. To resolve this global economic crisis, cooperation in industries such as semiconductors and batteries to address supply chain vulnerabilities is crucial."

Vice Chairman Shin Hak-cheol also said in his greeting, "Through R&D and battery plant establishment in the U.S., LG has been able to confirm the potential and future of the secondary battery industry. Currently, LG Chem is preparing to become the world’s top comprehensive battery materials company. I believe that through cooperation between the U.S. and Korea, the battery materials business and battery industry can expand and innovate."

On that day, Secretary Yellen reportedly asked Vice Chairman Shin about how long it takes to charge a battery. She also inquired about how far an electric vehicle can travel on a single charge and how much a battery can be used if recycled.

LG Chem, together with its subsidiary LG Energy Solution, invested 60 billion KRW last December to acquire a 2.6% stake in Li-Cycle, the largest battery recycling company in North America, and signed a contract to supply nickel sulfate, a key battery material, for ten years. LG Energy Solution is also strengthening its efforts to capture the rapidly growing North American battery market. It is making large-scale investments, including establishing a battery joint venture plant in Canada with U.S. automaker Stellantis and planning to build an additional standalone battery plant in the U.S.

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