LS Signs 1.8 Trillion KRW Investment Agreement to Establish Secondary Battery Material Manufacturing Facility
LS Group has signed an investment agreement (MOU) worth 1.8402 trillion KRW to establish a 'secondary battery material manufacturing facility.'
On the 3rd, LS announced that it signed an MOU worth 1.8402 trillion KRW with the Saemangeum Development Agency (Director Kim Gyeongan), Jeollabuk-do Province, Gunsan City, and Korea Rural Community Corporation at the Gunsan Saemangeum Convention Center (GSCO) in Jeollabuk-do to realize a superpower in secondary batteries. About 200 people, including LS Group Chairman Koo Ja-eun, First Vice Minister of the Ministry of Land, Infrastructure and Transport Kim Oh-jin, Director of Saemangeum Development Agency Kim Gyeongan, Governor of Jeollabuk-do Kim Kwan-young, Mayor of Gunsan Kang Im-jun, Chairman of the Board of Directors of L&F Heo Je-hong, related officials, and local members of the National Assembly, attended the signing ceremony held the day before.
LS Group plans to start construction within this year of a precursor (前驅體, Precursor) manufacturing plant for cathode materials in the 5th district of the Saemangeum industrial complex, centered on LS-L&F Battery Solution, which was announced as a joint venture in June this year. They will also newly hire more than 1,400 employees. Mass production is scheduled to begin between 2025 and 2026, with continuous capacity expansion aiming for an annual production of 120,000 tons by 2029.
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At the event, Chairman Koo said, "The investment by LS-L&F Battery Solution in the Saemangeum National Industrial Complex was promoted to reduce China's 80% dependence on precursors and to realize K-battery, a superpower in secondary batteries." He added, "Saemangeum will become the core base of our LS Group's secondary battery business." He further stated, "LS, which has the highest competitiveness in the non-ferrous metals sector, and L&F, a leading cathode material company, will build an industrial value chain of 'nickel sulfate → precursor → cathode material' using purely domestic technology to lead the future growth of the Korean battery industry."
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