CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

LG Energy Solution Ltd. said Monday it will spend 4 trillion won (US$3.07 billion) over the next five years to expand production and other facilities at its main domestic battery manufacturing complex in the country's central region.

The investment in the Ochang plant, located in Cheongju, North Chungcheong Province, 112 kilometers south of Seoul, will mainly be spent to upgrade the existing facility with smart factory technologies and expand the production lines for cylindrical battery manufacturing, LGES said in a release.

The investment will also be used to build a new research and development facility and other infrastructure at the site, LGES said, without providing a specified amount related to the actual battery production.

Officials from LGES and the governments of the Cheongju city and North Chungcheong Province held a signing ceremony on the investment plan earlier in the day.

LGES said the fresh investment will help create some 1,800 new jobs in the area.

LGES said in June it will spend 730 billion won on the Ochang plant to boost production of the cylindrical battery cells used in electric vehicles, which will add 9 gigawatt hours to the 33 GWh production capacity.

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Source: Yonhap News (Dec. 19, 2022)