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LG Energy Solution to invest $3.1 bln in S.Korea battery facility

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An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. Picture taken November 23, 2021. REUTERS/Kim Hong-Ji

South Korean battery maker LG Energy Solution (373220.KS) said on Monday it plans to invest 4 trillion won ($3.1 billion) from this year to 2026 in a facility making batteries for electric vehicles and other goods.

The project in Ochang, South Korea, will include R&D and production facilities and related infrastructure, and is expected to add 1,800 employees, the company said in a statement.

“We plan to set up a diversified product portfolio including pouch-type and cylindrical batteries to respond to customer needs in a timely manner, and differentiate production capabilities based on a ‘smart’ factory,” an LG Energy Solution spokesperson said.

($1 = 1,298.8400 won)

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