(RTTNews) – LG Chem said that 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 production target of 120,000 tons of cathode material annually by 2027 to power batteries in 1.2 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 with mass production to start in the second half of 2025.
According to the company, Tennessee site will play a critical role in the company’s strategy to increase its battery materials business including cathode material fourfold from KRW 5 trillion in 2022 to KRW 20 trillion by 2027.
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