LG Energy Solution to set up $3.1 billion battery plant in Ochang, South Korea

LG Energy Solution (373220) on Monday announced plans to invest KRW 4 trillion ($3.1 billion) until 2026 in an EV battery-producing plant in Ochang, South Korea.

The project is to include research & development, production facilities and related infrastructure and is expected to employ 1,800 people.

“We plan to set up a diversified product portfolio including pouch-type and cylindrical batteries to respond to customer needs in a timely manner, and differentiate production capabilities based on a ‘smart’ factory,” a spokesperson for LG Energy Solution was quoted as saying by Reuters.

The shares of LG Energy Solution Ltd (373220) closed 0.72% (KRW 3,500) lower at KRW 482,000 in Seoul on Monday, with the company’s total market capitalization now standing at KRW 112.79 trillion.

The shares of LG Energy Solution have gained 7.11% so far in 2022 compared with a 21.00% loss for the benchmark index, KOSPI (KS11).