SEOUL (dpa-AFX) - LG Energy Solution said that it will invest 1.7 trillion Korean won for the construction of a new cylindrical battery factory in Queen Creek, Arizona. The new plant will be the first ever cylindrical-type battery manufacturing plant in North America, solely invested by the Korean battery manufacturer.
The construction of the 11GWh capacity site is set to begin in the second quarter of this year, with plans for mass production slated in the second half of 2024.
The company noted that it will supply batteries produced from Arizona plant to EV manufacturers including prominent startups and electric tool companies based in North America.
The cutting-edge Arizona plant aims to establish LGES's presence in North America cylindrical battery market while actively considering additional production in the future.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
