LG Energy Solution is to invest approximately KRW 7.2 trillion (USD 5.5 billion) to construct a battery manufacturing complex in Queen Creek, Arizona.
The complex will consist of two manufacturing facilities â€“ one for cylindrical batteries for electric vehicles (EV) and another for lithium iron phosphate (LFP) pouch-type batteries for energy storage systems (ESS).
â€œIt marks the largest single investment ever for a stand-alone battery manufacturing facility in North America,â€ LG Energy Solution said.
Of the total investment, the company plans to invest KRW 4.2 trillion (USD 3.2 billion) in building a cylindrical battery manufacturing facility with a capacity of 27GWh, and KRW 3 trillion (USD 2.3 billion) in LFP pouch-type battery facility with a capacity of 16GWh. Both facilities, totaling 43GWh, plan to break ground this year.