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On November 22, LG Chem announced that it signed a memorandum of understanding with the U.
S.
state of Tennessee to build the largest cathode material plant
in the United States for more than $3 billion.
The plant is expected to start operations in the first quarter of next year, start mass production by the end of 2025, and reach an annual capacity
of 120,000 tons by 2027.
Its production capacity is equivalent to the cathode materials
required for 1.
2 million high-performance pure electric vehicle batteries.
Xuezhe Xin, CEO of LG Chem, said: "As a key part of LG Chem's future growth drivers, the Tennessee Cathode Materials Plant will become the core base
for next-generation battery materials projects.
We will actively respond to the rapidly changing battery materials market and global customer needs, and become the world's leading integrated battery materials company
.
The plant is expected to receive tax incentives from the U.
S.
government, and LG Chem is advancing raw material supply chain cooperation with mineral and recycling companies to help global customers meet electric vehicle related subsidy standards
.
LG Chem aims to quadruple sales in its battery materials business, including cathode materials, from approximately 5 trillion won in 2022 to approximately 20 trillion won in 2027 in order to respond to the demand for cathode materials from global electric vehicle and battery companies
.
