L&F to Invest 2.55 Trillion Won in Daegu for LFP, High-Nickel Cathode, and Anode Material Factories
Securing Approximately 170,000 Pyeong of New Land in Daegu National Industrial Complex
Daegu City One-Stop Support... Regional Economy Revitalization 'Win-Win'
L&F is investing 2.55 trillion KRW in Daegu to establish cathode material factories for high-nickel and LFP (Lithium Iron Phosphate) batteries, as well as a next-generation anode material factory.
On the 27th, L&F signed a new investment agreement (MOU) with Daegu City at the Guji 3 Plant, attended by CEO Choi Su-an and Daegu Mayor Hong Jun-pyo, for approximately 170,000 pyeong of land within the Daegu National Industrial Complex.
L&F stated, "The new site includes production facilities for our main products: high-nickel cathode materials, next-generation anode materials, and LFP cathode materials for mid-to-low price ranges. This investment is the largest single-scale investment in the region, and it is expected to create more than 3,000 new jobs."
According to L&F's mid-to-long-term plan, the approximately 170,000 pyeong site can accommodate two cathode material factories (about 130,000 tons), one next-generation anode material factory (22,000 tons), and two LFP cathode material factories (total 160,000 tons). Sales are expected to reach around 9.5 trillion KRW.
![[Image source=Screenshot from L&F YouTube]](http://www.asiae.co.kr/news/img_view.htm?img=2023112713575767477_1701061077.jpg)
L&F plans to start with the next-generation anode material business first, and the high-nickel cathode material factory will proceed according to mid-to-long-term demand after the completion of the Guji 3 Plant (August 2024).
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CEO Choi said, "I would like to thank Mayor Hong and the Daegu City investment officials for their active support, including one-stop regulatory relief, for L&F's investment. To repay Daegu City's proactive support, we will do our best to fulfill our social responsibilities as a sustainable company by strengthening local hiring and revitalizing the economy."
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