Lotte Chemical Establishes $330 Million Joint Venture for US Battery Materials Investment

The First Anode Foil Production Base in the United States

[Asia Economy Reporter Oh Hyung-gil] Lotte Group's chemical companies are investing 330 billion KRW to establish a joint venture for electric vehicle battery materials business in the United States.

Lotte Chemical and Lotte Aluminum announced that they have established a joint venture, 'Lotte Aluminum Materials USA,' near Elizabethtown, Kentucky, through their U.S. subsidiaries.

This is the first anode foil production base in the U.S., with Lotte Chemical's U.S. battery materials corporation 'Lotte Battery Materials USA' and Lotte Aluminum's U.S. corporation 'Lotte Aluminum USA' participating with 70:30 equity stakes respectively.

Anode foil is one of the four main components of lithium-ion batteries. It supports the cathode active material, which determines the capacity and voltage of secondary batteries, while also serving as a pathway for electron movement. It is an essential material that helps dissipate heat inside the battery due to its high thermal conductivity.

Lotte Aluminum Materials plans to contribute to the localization of K-battery companies by providing stable material partnerships for domestic battery manufacturers' overseas market expansion through prompt customer support in quality, supply, and delivery stability.

Lotte Chemical will newly enter the anode foil material business following its lithium-ion battery materials such as electrolyte organic solvents and separator materials. Meanwhile, Lotte Aluminum will have the opportunity to dominate the related materials market by expanding from its anode foil factory in the T?r?kszentmikl?s industrial complex in Hungary to the U.S. market.

Kim Gyo-hyun, Vice Chairman and Head of Lotte Group's Chemical Division, stated, "We will spare no effort in technology development and support to stably produce high-quality, high-efficiency anode foil for faster customer response. Based on synergy with chemical division material companies, we will actively respond to market changes and focus our capabilities on swiftly advancing the battery materials business."

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