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LG Chem to Invest $8.7 Billion in Boost to Battery Business

  • Expansion plan comes amid surging demand for electric vehicles
  • South Korean firms rush to invest for sustainable growth
Biggest U.S. Battery System Connects To California's Grid
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LG Chem Ltd. will spend 10 trillion won ($8.7 billion) through 2025 to accelerate a “sustainable growth” in its battery materials operations and other business lines, joining other South Korean industrial giants in a shift toward greener practices.

The petrochemical producer will make a 6 trillion-won investment in expanding production lines of its battery materials, including cathode and separators, while 3 trillion won will go into producing eco-friendly petrochemical products, according to a statement on Wednesday. The rest of the investment will be used in LG’s life science operations.