Running discussion on SP, page-48008

LG Chem will invest $5.2B in battery materials through 2025

South Korea’s LG Chem has earmarked ₩6 trillion ($5.2 billion) over the next four years to build out its battery materials business.

The investment comes as automakers and state regulators set targets to transition away from internal combustion engine vehicles, in a shift that will likely be the most transformative to the mobility industry since the invention of the car.

The investments will focus on boosting the production of anode materials, separation membranes, cathode binders and other essential battery components.

This includes plans to build a massive cathode plant in the South Korean city of Gumi, which will increase the industrial giant’s anode production capacity by seven-fold, from 40,000 tons to around 260,000 tons by 2026.

LG Chem had already agreed to invest ₩500 billion ($424 million) in the plant, which was announced in July 2019.

On the supply chain front, LG said it’s preparing a joint venture with a mining company for the supply of metals and other raw materials for battery components.

The company will “actively pursue cooperation in various ways with companies possessing mining, smelting and refining technologies to strengthen its metal sourcing competitiveness,” it said in a statement.

LG Chem is already one of the largest manufacturers of batteries and battery materials, with customers including Volkswagen, General Motors and Tesla.

And the company only sees the global battery materials market expanding — from ₩39 trillion ($34 billion) in 2021 to ₩100 trillion ($87 billion) by 2026.

https://techcrunch.com/2021/07/14/lg-chem-will-invest-5-2b-in-battery-materials-through-2025/


“The global competition is just getting started, as the US, Europe and China are making moves to establish their own manufacturing infrastructure, battery technologies and supply chains,” an industry ministry official added. “The next five years will decide the standing of each country in the global battery market.” He went on to speak martially of an “all-out war” for which they have devised a comprehensive strategy.








Food for thought on the Road to Manono via South Korea perhaps

Fingers Crossed

Frank