LG Energy Solution to Invest 4 Trillion KRW in Production Facilities and Infrastructure at Ochang Plant

Chungbuk Province and Cheongju City Sign Investment Agreement
Create 1,800 Jobs Over 5 Years

At the investment agreement ceremony held on the 19th in the small conference room of Chungcheongbuk-do, Lee Beom-seok, Mayor of Cheongju City (from the left), Lee Bang-su, CRO President of LG Energy Solution, and Kim Young-hwan, Governor of Chungcheongbuk-do, are taking a commemorative photo.

[Asia Economy Reporter Oh Hyung-gil] LG Energy Solution will invest 4 trillion KRW by 2026 to expand its battery production facilities.

On the 19th, LG Energy Solution signed an agreement with Chungcheongbuk-do Province and Cheongju City to invest in new and expanded battery production facilities and test research buildings in the Ochang Industrial Complex, and to hire approximately 1,800 new employees. The investment agreement ceremony held at the Chungbuk Provincial Office was attended by Kim Young-hwan, Governor of Chungcheongbuk-do, Lee Beom-seok, Mayor of Cheongju, and Lee Bang-su, President of LG Energy Solution.

LG Energy Solution will expand the cylindrical battery production line at the Ochang plant, and the new production line will fully introduce the latest smart factory-related systems such as remote support, manufacturing intelligence, and logistics automation to maximize productivity. Chungcheongbuk-do and Cheongju City have pledged to provide active administrative and financial support for the successful implementation of LG Energy Solution’s investment.

LG Energy Solution also plans to actively contribute to revitalizing the local economy through participation of local companies and purchasing production materials and equipment locally. Through this investment, LG Energy Solution expects to create approximately 1,800 new jobs by 2026.

Kim Young-hwan, Governor of Chungcheongbuk-do, said, "In this difficult economic situation where a global economic downturn is becoming a reality due to factors such as US interest rate hikes and the Ukraine war, LG Energy Solution’s large-scale investment will be a great strength for South Korea and Chungcheongbuk-do." He added, "It will provide an opportunity to complete the Lake Park Renaissance, which Chungcheongbuk-do is focusing on, and to grow as a hub for South Korea’s battery industry."

Lee Bang-su, President of LG Energy Solution, said, "The support from Chungcheongbuk-do, Cheongju City, and the local community is a great driving force for LG Energy Solution to grow as a global battery leader." He added, "We expect this investment to contribute to revitalizing the Chungbuk regional economy and expanding employment."

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