LG to invest $5.5 billion on new battery facility in Arizona
Facility will have one facility for cylindrical batteries for electric vehicles and another for lithium iron phosphate pouch-type batteries.
Another technology manufacturing company is deciding to make its mark in Arizona.
LG Energy Solution will be investing $5.5 billion to start battery plants in Queen Creek, a town on the southeast outskirts of the Phoenix Metropolitan area.
According to the Arizona Commerce Authority, the “complex” will have one facility for “cylindrical batteries for electric vehicles” and another for” lithium iron phosphate (LFP) pouch-type batteries.” The agency’s statement said that the investment would lead to “thousands” of new jobs created.
“Our decision to invest in Arizona demonstrates our strategic initiative to continue expanding our global production network, which is already the largest in the world, to further advance our innovative and top-quality products in scale and with speed,” Youngsoo Kwon, CEO of LG Energy Solution, said in a statement. “We believe it’s the right move at the right time in order to empower clean energy transition in the U.S.”
https://justthenews.com/nation/states/center-square/lg-invest-55-billion-new-battery-facility-arizona