(RTTNews) – LG Chem said it has signed a memorandum of understanding to invest more than $3 billion to build a new cathode manufacturing facility in Clarksville, Tennessee.
The new plant in Clarksville, Tennessee will be the largest of its kind in the United States, covering 420 acres with a target to produce 120,000 tons of cathode material per year by 2027 to power the 1.2 batteries. million pure electric vehicles with a range of 310 miles. (500 km) per charge, the company said in a statement.
Construction of the plant will begin in the first quarter of next year, and mass production will begin in the second half of 2025.
According to the company, the Tennessee site will play a key role in the company’s strategy to quadruple its battery materials business, including cathode materials, from KRW 5 trillion in 2022 to KRW 20 trillion. KRW by 2027.
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