LS MnM, Saemangeumcheong Sign 1.16 Trillion KRW Secondary Battery Investment Agreement

Investment Agreement with Saemangeum Development Agency... Targeting Mass Production by 2029
Producing 40,000 Tons of Hwangsan Nickel and Supply Volume for 800,000 Electric Vehicles

LS MnM will invest 1.16 trillion KRW to build a secondary battery material factory in Saemangeum.

On the 29th, LS MnM announced that it signed an investment agreement (MOU) for the construction of a high-purity metal compound production facility for secondary batteries together with the Saemangeum Development Authority, Jeollabuk-do Province, Gunsan City, and the Korea Rural Community Corporation. High-purity metal compounds refer to key precursor materials used in the manufacture of secondary battery cathode materials.

The signing ceremony held at the Ramada Gunsan Hotel was attended by Do Seok-gu, Vice Chairman and CEO of LS MnM; Koo Dong-hwi, designated Chief Operating Officer (COO) and Vice President; Kim Kyung-an, Head of Saemangeum Development Authority; Kim Kwan-young, Governor of Jeollabuk-do; Kang Im-jun, Mayor of Gunsan; Cho Hyun-chan, Head of Saemangeum Project Group at Korea Rural Community Corporation; and National Assembly member Jung Woon-cheon.

LS MnM plans to start building the high-purity metal compound production facility in the 5th district of the Saemangeum Industrial Complex (covering an area of 206,728㎡) in March 2026 and begin production from 2029. The factory will produce key secondary battery cathode materials such as 40,000 tons of nickel sulfate (based on nickel metal), manganese sulfate, cobalt sulfate, and lithium hydroxide. The production capacity will be sufficient to supply 800,000 electric vehicles.

They will invest 1.16 trillion KRW in the factory construction and hire approximately 300 new employees. Notably, the planned complex factory in Saemangeum will apply proprietary technology developed by the LS MnM Technology Research Institute and will be connected with the precursor process of LS Group affiliate LS-ENF Battery Solution to enhance production efficiency.

LS MnM signed an investment agreement for the construction of a secondary battery material factory worth 1.16 trillion won with the Saemangeum Development Authority and others.
From the left: Kang Im-jun, Mayor of Gunsan; Kim Kwan-young, Governor of Jeonbuk; Koo Dong-hwi, LS MnM Chief Operating Officer (COO) designate (Vice President); Do Seok-gu, Vice Chairman and CEO of LS MnM; Kim Kyung-an, Head of Saemangeum Development Authority; Jung Woon-chun, Member of the National Assembly; Cho Hyun-chan, Head of Saemangeum Project Group, Korea Rural Community Corporation.
[Photo by LS MnM]

Earlier, LS Group signed an investment agreement worth a total of 1.84 trillion KRW for Saemangeum in August. This LS MnM investment agreement is the second phase of LS Group’s investment following the first phase (LS-ENF Battery Solution, 1.05 trillion KRW). The investment amount was increased by 370 billion KRW compared to the original plan. The total LS Group investment in the Saemangeum industrial complex has increased from 1.84 trillion KRW to 2.21 trillion KRW.

Kim Kyung-an, Head of Saemangeum Development Authority, said, "We are grateful and welcome LS Group’s smooth execution of the investment. We will do our best to create a business-friendly environment for early settlement."

Kim Kwan-young, Governor of Jeollabuk-do, said, "Let us join forces to run a successful course in Saemangeum, which is growing into South Korea’s top secondary battery hub."

Kang Im-jun, Mayor of Gunsan, said, "I believe this is a meaningful investment in establishing a stable and independent supply chain through the localization of secondary battery materials, and I hope it will greatly help revitalize the local economy."

Do Seok-gu, CEO of LS MnM, said, "We will further strengthen competitiveness through the investment in high-purity metal compounds for secondary batteries in Saemangeum, a key base for LS Group’s secondary battery business, and through our proprietary technology development. We expect the K-battery value chain to expand and make a significant contribution to the local economy after the investment." He added, "We will continue to enhance company value through ongoing technology development and investment."

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