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LG Chem Ltd. revealed it has broken ground to commence the construction of its cathode factory in the United States. The new facility is set to become the country's largest producer of the said secondary battery material product.
LG Chem said that once completed, the plant is expected to produce 60,000 tons of cathode material per year, starting in 2026. Building a new factory is part of the company's plan to become a leading battery materials maker in the global market.
Official Groundbreaking for LG Chem's First US Plant
As per The Korea Economic Daily, the South Korean chemical producer broke ground for its first-ever cathode manufacturing facility in the U.S. The plant is said to be the biggest of its kind in the world's third-largest electric vehicle (EV) market.
LG Chem held the groundbreaking ceremony on Tuesday this week in Clarksville, Tennessee. This comes a year after LG Chem and the state government signed a memorandum of understanding (MOU), where the latter also committed to invest in constructing the new factory. Together, their signed agreement involves a total of $3.2 billion investment.
Perfect Location for the Battery Material Facility
Aju Business Daily reported that the 60,000 tons of cathodes that LG Chem's new plant is set to produce by 2026 in the Tennessee factory will be used to make high-performance batteries that can power around 600,000 EVs. Initially, a total of $1.6 billion will be spent on the plant, and later, the company may expand the site to yield up to 120,000 tons.
LG Chem said it selected Clarksville as the site to build its cathode plant because it is just the right place for it. The company explained this is due to several aspects, such as the location's proximity to key customers, active cooperation of the state and local governments, and ease of transporting the raw materials.
"With the Tennessee cathode material plant as the center, LG Chem will undoubtedly leap to become the top cathode material supplier in North America," LG Chem's chief executive officer, Shin Hak Cheol, said in a press release. "LG Chem will execute the vision to become the world's leading comprehensive battery material company, establishing a stable supply chain resilient to any environment."
The governor of Tennessee, Bill Lee, also said during the groundbreaking ceremony, "Tennessee's pro-business environment and skilled workforce provide global companies with the tools they need to succeed. I congratulate LG Chem on today's significant milestone and thank the company for its investment in Tennessee."
Photo by: LG Chem Press Release
