Caixin
Jan 10, 2019 06:31 PM
BUSINESS & TECH

LG Chem to Pump $1 Billion Into Nanjing Battery Complex

The investment is focused on production of batteries that are typically used in light electric vehicles, as well as other devices like power tools. Photo: VCG
The investment is focused on production of batteries that are typically used in light electric vehicles, as well as other devices like power tools. Photo: VCG

South Korea’s LG Chem Ltd. said it will invest more than $1 billion on new battery-production capacity in the eastern city of Nanjing, tapping demand in both China and globally for storage products that are a central component of renewable energy cars and power plants.

The plan will see LG Chem pour 1.2 trillion won ($1.07 billion) into the new Nanjing complex, about half of which will go for electric vehicle and small battery production, the company said in a Thursday announcement (link in Korean) on its website. It held a signing ceremony the previous day to finalize the investment, which will be made over the next two years.

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