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LG Chem‘s LG Energy Solution is quickly expanding its global EV battery manufacturing capacity and, according to the latest report, another investment is in the pipeline in the U.S.
The South Korean media reported earlier this month (The Korea Economic Daily and The Korea Herald) that LG Energy Solution will invest $1.36 billion to expand its capacity in the U.S. (currently at 5 GWh/year at the plant in Holland, Michigan) to 40 GWh/year.
That would add to a total of up to 150 GWh/year if we include joint ventures with GM and Stellantis:
Half of the $1.36 billion amount will be raised from investors, while another half will be borrowed.
In March 2021, LG Energy Solution announced that iit will invest more than $4.5 billion in additional EV battery manufacturing capacity in the U.S. through 2025, adding some additional 70 GWh/year (beside joint ventures, as we understand).
Detroit News reports that LG Energy Solution has confirmed the upcoming $1.36 investment in North America, but is not yet certain whether it will be located in Michigan, at the Holland site.
The company has space for the expansion, specifically at the site, if that is the choice:
“The Detroit News previously reported LG owns a vacant 40-acre parcel adjacent to its current battery cell plant in Holland.”
LG Energy Solution produces in Michigan batteries for the Chevrolet Bolt EV/Chevrolet Bolt EUV (the production has resumed after a major recall) as well as for the plug-in hybrid Chrysler Pacifica Hybrid (on a separate line).
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