LG Energy Solution will invest $1.4 billion to build a new battery factory in Arizona by 2024 as it looks to meet the demand of customers in North America.first in the United States to use cylindrical cells with plans to commence construction of the site in the second quarter of 2022. Once mass production ramps up in 2024, the site will have the capacity to produce 11 gigawatt-hours of battery cells each year. Capacity could grow further in the future.
“The Arizona factory could add further production capacity in the future as we are seeing growing demand for cylindrical batteries from various customers, including automakers and power tool makers,” LG Energy Solution said in a statement.reports that LG Energy Solution will provide these new cylindrical battery cells to the likes of Tesla, Lucid, and Proterra. Philip Morris will also use the cells for its heated-tobacco sticks.
LG has announced a series of new investments since it raised $10 billion in an initial public offering in Korea back in January.
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