LG Energy Solution plans to invest $5.6B in a new battery manufacturing complex in Queen Creek, Arizona.
The South Korean company joins a list of growing foreign companies lured by new U.S. subsidies. The new complex will serve EV manufacturers in North America.
The U.S. seeks to strengthen its local supply chains and reduce its reliance on China as the nation transitions to more green technology.
- LG Energy is the second-largest producer of EV batteries in the world after China’s Contemporary Amperex Technology Co.
- According to LG, the project is the largest investment ever for a stand-alone battery-manufacturing facility in North America.
- The amount is also four times larger than what the company initially committed last year.
- LG Energy said the Arizona plant would meet the eligibility requirements of the EV tax credits program under the Inflation Reduction Act.
