Energy & Science
LG to Invest $4.5 Billion to Expand Battery Capacity in U.S.
- Investment to add 70 gigawatt hours of production capacity
- Comes as rival SK Innovation fights to overturn U.S. ban
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South Korea’s LG Chem Ltd. plans to invest $4.5 billion in the U.S. by 2025 and hire 10,000 workers to expand battery capacity.
LG Energy Solution developed the plan over the last year to meet growing demand for electric vehicles in the U.S., the company said by email Thursday. It’s also eyeing President Joe Biden’s climate agenda, which aims to increase consumer incentives for EVs and electrify the U.S. government’s fleet.